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Book profits in Long positions. Major down trend can resume anytime.

As expected nifty almost completed sideways range bound momentum today.
Previously 11450-11550 levels expected as upside target of counter trend move, But as per latest data and latest chart pattern, upside appears to be limited to 11375-11400 zone only.
Hence, those who initiated long positions at lower levels around 11100-11150 zone, Book full profits in Long positions.
As mentioned earlier, Major trend is down and this bounce is part of counter trend.
As major down trend can resume anytime.
Book profits in Long positions and Avoid building fresh long positions.
Option data analysis showing that 11400 appears to be strong resistance for this week.
11200 appears to be highest open interest in Put options.
Hence, today's range for Nifty is 11400-11200.
Risky traders can initiate fresh shorts at higher levels. Keep stoploss at higher levels.

Suryadev Bandari
Research Analyst


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Up move to continue. New Highs to form again.

Nifty recorded new high on Friday 12311.20
After recording new high, nifty faced minor selling pressure and dipped down to 12217 level.
There again Bulls entered fresh longs and index closed nearly 12256 level.
Today, Nifty again likely to record new highs and this up move to continue more towards 12360-12375 levels.
Major High beta stocks ready to move higher levels.
Banknifty did not made new high on Friday, so most probably , banknifty to test previous highs today and may record new high.
Avoid short selling. This is buy on dips market.
Nifty Resistance 12360-12375-12400.
Support 12210-12170.
Suryadev Bandari
Research Analyst

Down trend to resume again. Do not fall in Bull Trap.

Nifty achieved our previous downside target zone 7700-7500.
From there it bounced back to 8700+ today.
As per the updated data, this bounce is in corrective pattern only.
Its a Bull trap. Bulls should avoid falling in this trap. This bounce is short term only.
Down trend to resume again and it can break 7500 levels too.

Stay Cautious.

Investors need to wait for some time.
If possible, short sellers can initiate fresh shorts in Index with stoploss above 9100 lvels.
This is for High risk traders only. Nifty daily range become huge so both risk and rewards also huge.
Trade Accordingly.

Today is March Series FnO expiry, so we can see huge volatility in Market.
Market taking short breath only. Bears strikes again.

Avoid fresh long positions.
Its a sell on rally market, But due to restrictions on short selling, not everybody can short sell in this market. Conditions apply.

Resistance 9000-9100.
Downside levels 7700-7500.

Suryadev Bandari
Research Analyst

New All time Highs possible today.

After initial minor correction, market zooming up. Nifty 10points away from all time high.New all time high possible to record todsy. Avoid short selling. Prepare for new highs. Regards, Suryadev Bandari