MARKET DIRECTION FOR MARCH-04

                             Market now taking breath for next fall. Friday our levels of nifty worked out exactly.Now we have to start fresh buy only when nifty will give closing above 5815.Upto that every bounce will be good chance for shorting.Lots of stocks & index are in oversold position. So some of stocks try to move up or may go on consolidation phase. Don't confuse if market move up, Please book your profit if your holdings are in profit.Banknifty having support at 11375-11396 if it break then 200DMA around 11200 level. We said lots of time, that is if we need healthy market movement banks have to lead.

                So if banknifty takes support here then market may bounce from here.But before bounce nifty have to take one more bottom then only market will get more confident for next move. Otherwise every upside movement is doubtful only.Go short on every upside near to 5740.In OI nifty 5700 call adds nearly 10lak shares. so market still have some bottom intact. Nifty also in over sold position. If it continuous this level then trend reversal may come, so market will move down again more.

 

 

 

 

 Nifty levels: 

Nifty resistance-5739-5745,5775-5783(major)                                      

Nifty support   -  5670-5657, (major)

Stock calls:  

BANK OF INDIA  : Sell below 316 sl 321 target 
                           will be 311,307
IDBI                   :Buy near 87 sl of 86 target
                             will be 90,92

PORTFOLIO ALERT

  Please hold all stocks....

THANKS & REGARDS
      NSEBSENOW