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The Nifty rose sharply for the second consecutive day in a row to close at 10,583 level. On the last Friday, Nifty surpassed the resistance of its 5-days and 10-days exponential moving average (EMA) for the first time since 1st February 2018.
The Nifty also took support at the upward sloping trend line, which adjoins the bottoms of 28-Sept- 2017, 06th December 2018 and 22nd February 2018.
Last week, the Nifty formed a bullish candlestick pattern known as “Dragonfly Doji” on the weekly charts. This pattern signals indecision among traders.It is formed when the security's high, open, and close prices are the same. The long lower shadow suggests that the forces of supply and demand are nearing a balance and that the direction of the trend may be nearing a major turning point. During the first two days of the March series, we have seen a buildup of long positions in the Nifty Futures’.
We have started new series with a 5 percent lower Open Interest (OI) in stock futures. The OI is the lowest in 3 months which makes it very light and gives us the confidence to say that the Nifty will do better than the last series.
For the short term, Nifty may find strong support around 10450-10500 level, where Puts have been written. To conclude, our advice would be to remain long with the stop loss of 10450 level.
The immediate resistance for the Nifty would be in the range of 10700-10750
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