Technical set up: Nifty showed a gap up opening of 160 points and continue to push further to hit the all-time high @ 9122.75 and then bears start to take profit at high levels which dragged nifty to 9060.50 and managed to close at 9087.00 which is near the opening price of 9091.65. Thus forming a Doji pattern which shows indecisive at higher levels.
What’s the FII activity today: FII’s bought 1837crores of Index futures and also 3388crores in Index Option, which strongly suggest they are long in the market even though Fomc Meeting this week.
Nifty Spot: 9087.00 (152.45)
Nifty Futures: 9103.00 (144.30)
Support: 9060, 8980
Resistance: 9120, 9200
Technical Chart Pattern: Doji
Events to watch: FOMC Meeting outcome on 15-Mar-2017
Nifty Strategy: Even though indecisive at the high levels, FII”s data suggests market can go long, so every dip is a buying opportunity. Avoid going short in the market any clear signals.
NiftyPositional Call: Can go long in nifty for a target of 9200, 9350, 9600 levels with the stop around 8980 levels.
Nifty Option Call: Buy 9000 Call @ 145 – 150 TGT 230 SL 75
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