Nifty gave a strong rebound from 5200 levels , bank nifty and metal index led the rally on the upside. In the commodities market we could see Nickel trading closing to the bottom and copper is making an interim support zone.These factors would act as a positive factor for nifty in the shorter frame work.Among the stocks two of our leading stocks ICICI bank and Jindal steel gave more than 5% gain and an intra day trade was worth giving a look.In the coming days too let it be an upside or a downside trade if you one is not getting any opportunity to trade go for these two stocks for intraday trades. We have some important events in the coming week and expect the reaction in the market in terms of high volatility. For option traders , it is worth taking a long straddle position with a a delta neutral position(positional trade). We have some important support levels lying close to 5200 zone and on the downside this is an important level to watch out for. On the upside as i was mentioning nifty futures got resisted around 5440 thrice and that would be an important zone as there are lot of short positions lying over there. As the week is fully packed with events one does not have to take a positional trade and an equity trader could cut off his / her positions from an intraday perspective. Even if nifty touches 5600 on the upside it is again an exit signal for me and it needs to spend some more time at the base for a better accumulation.As per the time cycle the date of 20-21 March is getting closer and it would be a trend deciding move and it could most probably confirm the top.Let the range be 5320-5440.One can see the previous day's chart to see the whether the support line proved to be correct or not.
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