Daily Time frame Analysis

Today Nifty 50, the benchmark Indices closed at 15108.10(+184.95) (+1.24%)
After the Gap Up session market was able to hold the gains in a narrow range.
Nifty upheld the crucial market zone.
Despite having a strong momentum, the volatility was absent from the past two session indicating the aggression of bulls.
A Breakaway Gap was noticed after the significant falling channel in daily timeframe- the buying sentiments may continue further, however we may witness breather.
RSI Momentum indicator indicates the strength to continue in coming sessions.
The auto sector was one of the major performer in today’s market session. A broad-base rally was seen in all sectors.
The range were bulls may dominate will be 15000 -15250. The daily closings must not violate this support zone for the uptrend continuation.
FIIs Derivative data indicates LONG buildup in indices and continue the trend further. According to options chain writing was seen broadly across the slightly OTM strike-prices in both options indicating the volatility may be capped for the weekly expiry.
14900PE & 15000PE witnessed a huge writing indicating the downside is capped with addition of 1693200 & 2585700 OI. Short covering on 15000CE with more than 16lac OI indicates the same.
Call writing was seen on 15300CE, 15350CE with more than 10lac OI indicating the strong resistance.

Hourly Time frame Analysis

Applying 20Day Moving Average in hourly time frame we can see a strong Pull-Back after testing the mean reversion around 14600-14650.
Considering the historical analysis on 15th & 16^th March the bulls tried to build the final attempt to hold the 15000 mark after falling around 14800 crucial support zone. (As shown in the chart). Now this levels will be vital for the continuation of the uptrend.
The strong closing above these levels hints the Bulls made a comeback after a long time.
RSI momentum indicator is overstretched in hourly time frame which suggests the bulls may lose grip around the levels of 40-60 before continuing the uptrend. (slight profit booking or consolidation evident around higher levels 15250-15350)
Despite having a strong momentum in hourly time frame, a minor correction may be possible around the levels of 14920-15030 after which the up move may continue.

IMPORTANT LEVELS TO WATCH FOR INTRADAY AND SWING TRADING

14840 – 14920 – 15030 – 15150 – 15240 – 15320

Breakaway Gap after the Falling Trend Channel (daily time frame) indicates that BULLs may dominate in coming sessions.

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