OI in Nifty futures @ 38 million on open itself and then another 4 million added during the day [roll overs and premiums are quite healthy for April and May futures] VIX hovering around the 25 mark;
Critical levels and outlook remain unchanged for both Nifty and BankNifty; these corrections are very healthy for the market and dips should be used to buy on delivery basis i.e. investment purposes.
In all likelihood we are in the last leg of the corrective phase and a short term bottom can be expected to be formed around 200 DMA [5032-5092 band in worst case scenario] Only a close below 5032 will have to be observed carefully in terms of volumes and sectoral rotations; Since tomorrow is the last trading day and 1st day of April series, volumes will drop and it would be prudent to wait until Monday before taking fresh guard for April series trading.
Spring Equinox did not have much of an impact this year as compared to last year :( April will be quite volatile with upside bias in the first half and downside bias in the second half of the month [As usual, highly sensitive dates will be updated in tomorrow's post]
Critical levels and outlook remain unchanged for both Nifty and BankNifty; these corrections are very healthy for the market and dips should be used to buy on delivery basis i.e. investment purposes.
In all likelihood we are in the last leg of the corrective phase and a short term bottom can be expected to be formed around 200 DMA [5032-5092 band in worst case scenario] Only a close below 5032 will have to be observed carefully in terms of volumes and sectoral rotations; Since tomorrow is the last trading day and 1st day of April series, volumes will drop and it would be prudent to wait until Monday before taking fresh guard for April series trading.
Spring Equinox did not have much of an impact this year as compared to last year :( April will be quite volatile with upside bias in the first half and downside bias in the second half of the month [As usual, highly sensitive dates will be updated in tomorrow's post]
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