Next week "WEEKLY MARKET OUTLOOK": Chantigadu

NIFTY has been trading volatile in a narrow range of 2700 – 2970 over a couple of
weeks. Volumes were pretty low against previous week. Volatility may remain high as
a tussle between buyers and sellers continues to rule the market. On the F&O front,
NIFTY 2200 MARCH PUT OPTION has seen significant long build up in positions and
it would mean that traders are expecting the NIFTY index to fall to around 2200 from
current levels. Considering all above factors, investors are advised to remain
extremely cautious in short term. As for weekly’s trade, technically 2709 – 2662 levels
are acting as a good support for NIFTY. If it breaks 2700 on closing basis, then
market may turn to further downside and could test 2570 or even 2502 levels. On
higher side, NIFTY is likely to take resistance at 2807 & 2846. Above 2854 levels,
NIFTY is likely to move towards 2953. Decisive break of 2970 or 3000 resistance will
indicate that NIFTY may expect to test 3150 in short term.