On 3March, Nifty fut will face resistance at 5048 level, if this is level is crossed and sustained then we can see bulls marching ahead till the levels 5075-5098-5135. However bulls have a barrier at 5048 level on upside, so for any fresh buying they have to sustain and give consecutive close above 5048 in coming days, if they manage to do so, we can see bears loosing control over the markets and bulls taking charge completely. On the contrary if the level of 5048, is not crossed and sustained, then markets can slide down again to lower levels on account of some profit booking coming at higher levels. On lower side the support for Nifty fut is at 5002 level, breaching this level Nifty fut can slide down to lower levels of 4988-4965-4945 levels. In current scenario bulls are having upperhand till markets are sustaining above 4930 mark, below 4930 we can see steep downside till major support of 4860 levels.
We recommend all traders keep a watch on 5048 level on upside in intraday today, if this level is crossed and sustained then one must not stay short, all short position holders must stay cautious as this level is crucial. Crossover and close above this level will be a energy booster for bulls, however for intraday if this level is not crossed then markets can slide down. All traders must keep a sharp watch on range 4945-5048, as breakout of this range on eiter side will show some sharp moves in markets. Dont leverage positions without knowing the direction of markets, as that can make losses.
We recommend all traders keep a watch on 5048 level on upside in intraday today, if this level is crossed and sustained then one must not stay short, all short position holders must stay cautious as this level is crucial. Crossover and close above this level will be a energy booster for bulls, however for intraday if this level is not crossed then markets can slide down. All traders must keep a sharp watch on range 4945-5048, as breakout of this range on eiter side will show some sharp moves in markets. Dont leverage positions without knowing the direction of markets, as that can make losses.
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Nifty Levels
- Resistance - 5035-5048-5075-5098
- Support - 5005-4988-4965-4945
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Intraday Calls
- Gujarat Hotels abv 72 tgt-74-77-82+
- Core Projects abv 228 tgt-232-235-242+
- MSK Projects abv 118 tgt-119.6-122-127
- Great Offshore abv 426 tgt-430-436-448
- Also watch Action Construction, KLG Systel, Bluestar , IFCI.
For all trades, keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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