On 23March, Nifty fut will face resistance at 5255 level, once this level is crosses and sustained for some time , we will see markets to go to higher levels of 5272-5285-5310 levels. Bulls have to try hard to cross n sustain above the resistance level of 5310 in coming days, unable to do so, bears will attack decisively and will make all possible efforts to drag down the markets. However, on lower side now 5180 is support level. Any good news for bears will come only if the Nifty fut, breaches and sustains below 5180 mark, and if it happens we can see markets sliding down to 5154-5130 levels. On lower side, 5130 level again being a very good support for the markets, and till Nifty fut is trading above this level, all dips can be used for strategy of buy on dips and sell on rise. Any close below 5130 level, will be the first sign of bears making grip on markets and lower levels of 5070-5044 can be seen if this support level is breaked decisively.
We recommend all traders to watch the range 5180-5315, as breakout of this range will be a crucial action for markets, and crossover of this range on eitherside on closing basis will decide the further market trend. Looking at the market scenario, it seems that all long positions should be booked at every rise and must be re-entered at lower levels. Stay cautious on higher levels as market is facing stiff resistance in 5285-5310 zone.
We recommend all traders to watch the range 5180-5315, as breakout of this range will be a crucial action for markets, and crossover of this range on eitherside on closing basis will decide the further market trend. Looking at the market scenario, it seems that all long positions should be booked at every rise and must be re-entered at lower levels. Stay cautious on higher levels as market is facing stiff resistance in 5285-5310 zone.
Nifty Levels
Resistance - 5255-5285-5310-5345
Support - 5180-5154-5130-5070
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