NIFTY X-RAY REPORT FOR 11 MARCH

Bear Fry-day. Simply i am loving it.

The market gave surprise hike in nifty price in Friday session also. Lots of people were expecting that minor correction will happen and that will be entry levels but market didn't gave any chance to losers. Winners enjoyed rally to much and Nifty closed at 5945.70 with CNX metal was the best performer in Friday's trade while CNX IT sector was the only looser in the session . The Sensex closed at 19683.23, up 269.69 points from its previous close, and the Nifty closed at 5945.70, up 82.40 points. The CNX Midcap index was up 1.04% while the CNX Smallcap index gained 0.98% in last session trade. The market breadth was positive with advances at 692 against declines of 381 on the NSE. The Bank index was up by 1.90% in last session and closed at 12197.25. Jindalstel jumped 5.70% highest on nifty 50 group while Maruti was the biggest looser with -1.29% in last session.

Nifty closed with highly positive sentiment up 1.41% in Last session. As per nifty Relative Strength Indicator (RSI), it has placed now in highly positive zone. The recent price pattern on nifty daily chart has given trend reversal with improving RSI towards upside in near term and it seems that nifty has made strong base near 5700 and, stock may give more rise from here in near future. Nifty was in short term down trend till Thursday but now it is in short term up trend. Until unless nifty goes below 5850 this uptrend view will remain continue. A good another Bullish engulfing Candlestick pattern has formed on NIFTY EOD chart in last session Prior to pattern formation this Index was in short term downtrend. As per slow stochastic , NIFTY has come in strong positive zone and now it is placed with little overbought but it is not getting support with Rsi, currently MACD has given buy signal on daily chart but weekly chart is giving buy signal. Nifty was in consecutive downtrend since five weeks but reversal given in last week.

Nifty 5700 put has highest open interest at 97 lakh on the put side indicating strong base for the march series ahead.  Nifty 5900 put added 2,666,950 fresh contracts in last session and 6000 put added 1,351,500 fresh contracts in Friday session. As nifty was up buy 82 points and addition in nifty 5900 and 6000 put indicating put has been written continuously and this is indicating further up trend. On the call side 6000 level has highest open interest but it has decreased 6 lakh contracts from open interest indicating further resistance around this zone. As nifty was up by 44 points and open interest added in 5900 and 6000 put indicating strength towards upside after continuing down trend. Put call ratio has improved from 1.05 to 1.15  level indicating that price may go more higher in further direction.

FIIs bought index future worth Rs. 568.96 cores and open interest decreased by 2.7%, as nifty future was up by 82 points and open interest decreased indicating that FIIs have covered their shorts which they been carried from last months.

LAST   HIGH - 5952  LAST LOW - 5883
WEEKLY HIGH - 5952 WEEKLY LOW - 5663
5 DMA DAILY - 5822
20 DMA DAILY- 5848 

50 DMA DAILY- 5943

200 DMA DAILY- 5574200DMA@5563

Nifty is in strong up trend in very short term view. I have given you indication that 5700 put open interest reached at 99 lakh just after five days of new series indicating that 5700 level is not going to break in March series, so expecting that 5700 level will break in March it will be little unmatured analysis.  As per Today's session nifty has given bullish jump in todays session also and closed around 5945. There is a minor resistance around 5970 level nifty has made double top on that level so this level will create a minor hurdle for nifty, after that sky is unlimited for nifty. The upper falling trend line is broken in fridays session now suppose if nifty break 5970 level then we may see a possible new high in March series. I told you in my previous post "it has taken resistance at higher channel indicating hurddle at this level. If break this channel nifty will give further more spike from this zone. Nifty has formed a double top formation around 5970 in this down wave may create strong obstacle at higher level" Trend is  buy on dip mode in short term point of view. Untill unless nifty break 5850. After crossing 5970 bull will get energy like ENERGY 500 capsule. 

In short as long as nifty is above todays low (5850) short term and mid term bias will remain positive. As per impulse in price pattern and open interest increasing in 5900 and 6000 put indicating that nifty will be above 6000 level very soon. I told you also  "it seems that nifty will give surprise to everyone in this month and there will be no wonder if nifty made a new high in this series".

Nifty had broken long term lower trend line around 5950 now this trend line will create a obstacle in rise which is now around 6080 level. If we find any dip of 30-40 points that will be buy opportunity. Now suppose if we cross this level also definitely we will see new high in nifty in near term.6184 and 6284 is on the way.

Short term stoploss for long trade at 5880 spot price
Target expected - 5970 if broken then 6080.