28 March 2016

NIFTY OUTLOOK & FREE NIFTY & BANKNIFTY TIPS FOR 29 MARCH 2016

The week has started on a positive note. Nifty future opened above the 7700 level but before the closing it came down below the 7611 level. Nifty future has made a high of 7730 & low of 7634 & it has closed above the level 7650 at 7659.  The Sensex and the Nifty fell nearly one per cent as market men remained circumspect ahead of derivatives expiry on Thursday. Also, weak global cues dampened the domestic sentiment.
Markets are likely to witness increased volatility this week on account of expiry of derivatives contract of March series on Thursday. Now fresh put writing is visible at 7700 strike Nifty, which indicates that Nifty is likely to hold levels of 7660 for the next couple of days. However, upside will be capped at 7750 as maximum open interest is at 7800 strike Nifty call. The next leg of the rally will depend on the RBI’s monitory policy decision on April 5. The next leg of the rally will depend on the RBI’s monitory policy decision on April 5. At present, we can expect a dovish policy with a cut of 25 basis points. Any positive outcome will keep the uptrend open till 7900-8,000 in the near term for Nifty.
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Supports: 7610 and 7640
Resistances: 7740 and 7800

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