Nifty
was highly volatile but did not go anywhere much primarily as the Union Budget
was a non-event.
For
the current week Nifty has strong supports at 5280, 5230, 5200. It can slip lower if supports are broken. Bearish formation on charts is seen today (19 Mar)
On
the upside Nifty may face resistance @ 5340, 5360. Once above 5360, expect 5410
very fast.
The
overall direct for the broader markets is likely to be set this week after the
investors and traders return on Monday, having chewed the budget thru the
weekend. All trades must be held with strict stop loss.
Nifty faces resistance @ 5280/5320/5340. Above this it can rally quickly to 5400+. On lower side long position must be added only below 5250. Strong supports 5230/5200. Expect bounce back from these lower levels.
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