19 March 2015


"BUY BANKNIFTY 18500 PUT @ 125 TGT  175/225" 
After opening on a strong note, indices failed to hold onto the momentum and closed towards their lowest point of the day. The market lost ground in the last one hour of trade, weighed down by banks, capital goods, realty and oil & gas stocks. Nifty ended with a loss of 51 points, to settle at 8634 after touching the day's high of 8788 and a low of 8614.
The index closes below 8650. This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. What we need to watch out for is its ability to hold above the 8630 level if there were to be any fresh weakness in tomorrow’s session. Staying above 8650 would mean getting some gumption back, and if it were to stay above 8670 then that would be the first sign of strength. On the downside, below the 8600 level strong support exists between 8580 and 8550 levels. Major support, of course, remains between 8530 and 8500.
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RESISTANCE: 8650, 8700, 8750
SUPPORT:  8600, 8550, 8500

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