OI in Nifty futures hovering around 30 million today and the gap-up @ open was plugged in about 2 hours of trading. There is one more gap [created last Friday] pending to be filled and we need to see how things pan out. Current volumes are good enough to trigger a 100-150 point move on either side. VIX is a shade below 27 and that should keep bulls a bit alert.
Critical levels and outlook remain unchanged from previous posts.
5177-5196 band survived yet another day on expected lines and to the extent that holds out, the odds are marginally stacked in favor of bulls but they need to take out 5408 on closing basis and sustain that.
Likewise, as long as 10400 holds out for BNF, there is room for this index to again try for 10800 [though closing above that can bring some more upside of about 300-350 points] 2 consecutive closes below 10150 and BNF opens for retest of 9800.
Again repeating what I had mentioned last week that March series will be volatile till 21st; Between 21st and 23rd March, markets will assume one direction and then Nifty in all likelihood will follow that direction for 2 weeks into April. Will be interesting to observe what happens around 16th/17th April as that will be 377 days from the 6th Apr '11 Swing Top of 5944 :D
Critical levels and outlook remain unchanged from previous posts.
5177-5196 band survived yet another day on expected lines and to the extent that holds out, the odds are marginally stacked in favor of bulls but they need to take out 5408 on closing basis and sustain that.
Likewise, as long as 10400 holds out for BNF, there is room for this index to again try for 10800 [though closing above that can bring some more upside of about 300-350 points] 2 consecutive closes below 10150 and BNF opens for retest of 9800.
Again repeating what I had mentioned last week that March series will be volatile till 21st; Between 21st and 23rd March, markets will assume one direction and then Nifty in all likelihood will follow that direction for 2 weeks into April. Will be interesting to observe what happens around 16th/17th April as that will be 377 days from the 6th Apr '11 Swing Top of 5944 :D
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