The EOD chart of the Nifty suggests tiredness among the bulls; at least, they are less unenthusiastic about taking fresh positions. It could be just that they did book some profits close to the settlement. Today, again the same range between 6603 – 6620 would act as a supply zone while the range between 6582 and 6564 would be the demand zone for the day. The option game--for strike prices from 6550 through 6650--on the expiry day could be played with the Nifty oscillating between 6564 and 6630.
- Most critical range for the day: 6603 – 6620, its immediate supply zone as well
- Strong resistance: 6627 – 6649
- Major resistance: 6665 – 6680
- Immediate support: 6582 – 6564
- Strong support: 6549 – 6525
- Major support: 6504 – 6487
We should see narrow range bound movement again today or a spike towards 12646—the key resistance level for the day. However, we do not envisage the index to post any major rally taking it beyond 12650 and closing there unless, of course, bank stocks become hot favorites for the FIIs across the globe. Barring such a scenario, the clearing day of the March settlement for bank stocks may not see any fireworks. Even for profit taking, we do not expect much of a downside there since the bullish overtone seems to be very much operative to bring in fresh commitments if the index were to come down below 12473, a key support level now for this index.
- Most critical levels for the day: 12530 – 12578, its immediate supply zone as well
- Strong resistance: 12646 – 12701
- Major resistance: 12787 – 12930
- Immediate support: 12491 – 12473
- Strong support: 12430 – 12350
- Major support: 12070 -12010