Nifty Action March 16, 2017: After two day’s indecisive closing today Market opened gap up and continue to stay higher and closed near the day’s high. This suggest bulls are taking control of the market after expected 25 bps rate hike from FED.
Technical set up: Nifty formed Marubozu like pattern where the open price will be the low price and closing price at the high point. Nifty opened at 9129.65 which is near the day’s low 9128.55 and closed at 9153.70 which is near the day’s high 9158.45.
What’s the FII activity today: FII’s bought 857crores in Index futures and also 1360crores in Index Option which is well supported by cash market buying.
Nifty Spot: 9153.70 (+68.90)
Nifty Futures: 9176.15 (+66.85)
Support: 9120, 9070
Technical Chart Pattern: Marubozu
Nifty Strategy: One can go long with stop around 9070 on closing basis for a target of 9200, 9350.Avoid going short in the market with any clear reversal signals.
- Nifty Option Call initiated on 14-Mar-2017: Buy 9000 Call @ 145 – 150 TGT 230 SL 75 Current Price: 193.55.
- Nifty Positional Call initiated on 14-Mar-2017: Can go long in nifty for a target of 9200, 9350, 9600 levels with the stop around 8980 levels.
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