nifty march 2016 technical analysis report

nifty march 2016 technical analysis report

nifty technical analysis report for march 2016

Nifty after last monthly heavy selling opened in green and trading with gains. Nifty has taken support of 5 years average at 6850 levels and given reversal which is very bullish signal.   For month of March 2016, nifty technically above 7150 remain bullish or buy on dips for targets 7470 and then possibly 7925. On downside 7150 is major support as well as pivot level. Below it on sustainable basis nifty will turn bearish and go into selling mode. Below 7150 nifty support levels are 6700 and 6380. In bearish scenario these are the target zones.   For nifty future buy positions stop loss is below 7150 and targets are 7470 and 7925 for month of March 2016. Option traders above 7150 keep buy on dips view for nifty 7100 call option for big gains.
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