Nifty may opened on positive note as per Sgx Nifty around at 23064 levels . In yesterday trading session nifty opened on gap up then it has fallen upto 22600 levels at these levels bulls had taken charge pushed the Nifty upto 23050 levels but it can’t sustain on days highest level from there bears drag the nifty upto 22900 levels where Nifty closed on yesterday but in a volatality session bulls have upper hand and they clsoed the nifty in the green. A classic doji formed in Nifty on yesterday which is indicated current downtrend may halt for some period of time until upto Nifty will closed below that doji lower point on daily Nifty spot closing basis. In the bank nifty A bullish candle formed with both sides wicks which is indicated volatality session but bull had a upper hand in yesterday on bank nifty. India Vix is closed around at 24 levels which is still favourable option buyers instead of option writers at support and resistance levels. so i am suggested to buy options at support and resistance levels instead of option writing.
support levels : 22908,22620
Resistance Levels : 23078,23282
Bank Nifty support Levels : 52645,52068
Resistance Levels : 53300,53538
Stock of the day : Waaree Energy in this stock A big bull candle formed in yesterday with lower wick which is indicated bulls strength at support levels. A breakout occured in this stock on 18 th March around at 3030 from there it rallied upto 3253 before retesting the support level on yesterday.
Buy price : open price (for risk traders traders)
3030 ( for safe traders)
1st Target : 3253
2nd target : 3304
Stop Loss : 2980
Disclaimer : I am not a SEBI Research Analyst please take advise from your financial advisor before take position based on my recommendation.
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