Nifty (6401.15, +72.50, +1.15%)
Momentum continues! For the
first time in its history, the Nifty has closed above the 6400-mark. Chances are
today we would see a new all-time high. While the Nifty may show higher high
there are certain things we ought to keep in mind without being euphoric. They
are (i) the 6300, 6300 and 6400 strike Nifty March put options have added a huge
4 million units in open interest (OI)—this constitutes roughly 40% of the total
OI for these contracts. This displays a sign of over confidence amongst the
bulls. Even 2/3rds of the total OI tally of the 6500 March Nifty put options
have been added today and it closed at a premium of just 110.90. This sum of 5
million freshly added put options could face real trouble if, for any reason,
profit taking sets in.
Most critical levels: 11252 and 11176, its immediate support
zone as well Strong resistance: 11317 – 11396 Next strong resistance: 11414 –
11468 Major resistance: 11552 – 11717 Strong support 11110 – 10091 Major
support: 10923 - 10774
Bank Nifty (11278.35, +179.55, +1.618%)
It has shown real splendor even on the last session and crossed the critically important zone between 11176 and 11252. Now, unless it falls and stays below 11198-level we need not have any serious concern for the Bank Nifty. On the way up, the zone between 11414 and 11468 would be another potential supply zone the bank bulls would have to take care of. On the downside, the intermediate uptrend does not face any threat of getting ruptured till such the bank bulls can defend the 10920-support area.
Most critical levels: 11252 and 11176, its immediate support zone as well
Strong resistance: 11317 – 11396
Next strong resistance: 11414 – 11468
Major resistance: 11552 – 11717
Strong support 11110 – 10091
Major support: 10923 - 10774
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