Can Nifty Show a 100 Points Rally ?

Interpretation of Nifty Open Interest Data:

Nifty has a maximum Open Interest on Call side is  14.49 Lakh at Strike Price 11600 &11.55 Lakh at 11700 and maximum Open Interest on Put side is 18.18 Lakh at Strike Price 11500.  So Upper side 11600, 11700 is resistance & 11500 is strong support

OI on put side is shifted from 11400 to 11500.
10.84 Lakh open interest increasing at Put Side strike price 11500 is suggesting that strong support at 11500.

India VIX is at 16.38 (0.52% Down) and Weekly PCR 1.55 Nifty is closed at 11539. High 11543, Low 11451Daily Candle: Bullish on Daily Chart.

Nifty Spot 15 min Darvas Box Chart :




Nifty 15 min chart - 19 March 2019
Nifty 15 min chart - 19 March 2019



As we said in the previous blog, Nifty has to break either support 11400 or resistance 11530 for the next move of 100 points.

Today nifty is closed at 11532 which is nearly Vedic number 11538.
Closing above 11538 on 5 min chart, nifty will rally of 100 points on the upside.

On the 15 min chart, we can see Darvas Box upper limit 11529 is broken. We will see a new rally in 2 days. Most probably start on 20 March. 


Strategy:

Intraday Nifty Spot Target:


Buy above 11538 Target 11574, 11610,11646

Sell below 11502 Target 11466, 11430, 11403

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