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Nifty

Indian bourses set to open with substantial gains following the trend of most of the global indices which have reported strong rebound tracking the developments in Russia-Ukraine. On the domestic front the price action has evolved well & is much inline as anticipated. Nifty is placed well to surge towards its 200 DEMA zone placed around 16720 initially followed by 17000 during the current march series itself. Options data reaffirms the major base been built at 16000 while an upward shift towards an intermediate support of 16500 would be witnessed soon. As of now weekly options data indicates an probable expiry band around 16600-16300 itself with 16500 being the midpoint for the day; but its ideal to guage the opening data & reevaluate the day trading strategy accordingly . The indices would also be reacting towards the UP election results throughout the session & hence its ideal to remain cautious; avoid over optimism & remain realistic with existing trading positions. With the storm subsiding around Russia – Ukraine its ideal for investors to redeploy their buy on decline strategy to realign their folios inline with relatively stronger sectors while traders should remain cautious with their leverage longs as volatility still remains high until India VIX quotes above 25 mark.

Nifty Chart

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