Tuesday, March 15, 2011

NIFTY NEXT- NIFTY EOD 15 March 2011 Technical Analysis & OutLook for 16 March 2011

Nifty –Spot today traded with negative bias & smartly recovers from its lower levels as per our Analysis and ended with a fall of -1.5% to the level of 5449.65, making low at5373.65 and high at 5498.85.It has formed a White Spinning Candle on Daily price charts.On Technical charts, major momentum indicators, W%R,Spearman & Swing 350 are in Negative mode.As per VS of Nifty Options, 5400 will act as a Strong Support on 16 March 2011,while 6000 as Strong Resistance in mid-term. VIX has increased huge by +14.30% to 26.63.As per our NNI-Nifty Next Indicators, which declined by huge -110% in today’s Trading session, is now Trading in negative Zone, along with  huge increase in Trader’s Hope and Volume, suggest that Nifty will Trade with Negative Bias on tomorrow 16 March 2011. Reliance & Rel Capital will be negative on 16 March 2011.

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