Dear Readers,
Looking at various timeframe charts - Hourly, Daily and many indicators including MAs, trendlines, previous support and resistance etc, I have following view on markets:
S&P 500 Future:
In my previous posts I had maintained several levels to watch out for on S&P 500 Future - 779 and 749 being most important. As you can see 749 did prove to be good support and 779 good resistance before it was taken out on 18th March. When it went above 779 I thought it would act as support on retracement but it did not.
So, now looking at charts I would put following levels to watch out:
Support - 761, 749
Resistance - 804, 838
Nifty Future:
On Thursday I clearly told in my post that markets are showing strength and one should avoid shorting then and today's move in Nifty Future would have thrashed shorters (it actually did). One particular thing to note is that OI was down nearly 50% in March series Nifty 2800 call, on which many analysts in media were betting and advising shorting.
After today's decisive upmove (it was a definite breakout as 2855 was taken out with good volumes) next resistance comes at 2975 as stated in my Monday, 16th March post. If it manages to get past that level, then next big resistance is at 3140! 2830 - 2850 should be support now.
hi
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willrock