Nifty technical analysis for 18 - 21 March

Nifty weekly analysis & forecast.

Interpretation of Nifty Open Interest Data:

Nifty has a maximum Open Interest on Call side is  8.20 Lakh at Strike Price 11500 & 8.44 Lakh at 11600 and maximum Open Interest on Put side is 12.78 Lakh at Strike Price 11400 followed by 9.93 Lakh at 11300.  So Upper side 11500 is resistance & 11400,11300 is strong support

9.79 Lakh open interest increasing at Put Side strike price 11400 is suggesting that strong support at 11400.

India VIX is at 15.87 (0.74%  Up) and Weekly PCR 1.59 
Nifty is closed at 11426. High 11487, Low 11370
Daily Candle: Inverted  Hammer type on Daily Chart.

Nifty 15 Min Chart :

Nifty 15min Chart
Nifty 15min Chart
Nifty Daily Chart:
Nifty Daily Chart
Nifty Daily Chart

As we said in previous blog  Nifty Vedic Date 15th March 2019 Big move may come around the Date. and Nifty gave big move & 11376 is vedic number and closing above 11376 for 15 min nifty may go towards new high.Market reacts perfectly as we discussed in the earlier blog.

Now, on the 15 Min chart, we can see nifty has a double bottom chance at 11400. On the daily chart, nifty may give correction up to 11400 or 11322. Till 11376 hold nifty may go towards new high, below 11376 will go towards 11322.

18 March is Vedic Date. The big move may come.

Strategy


Intraday Nifty Spot Target:


Buy above 11430 Target 11466, 11502,11538

Sell below 11376 Target 11349, 11322, 11295

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