Nifty Analysis for 24thMarch2011

Nifty Weekly will be in buy mode above 5544.
Nifty Daily  will be in buy mode above 5468.
Till then we are in uptrend.


Other activities show up  move ahead
Huge Short Covering =>Nifty Open Interest for March stands at 2,07,43,300 down by 11,63,450 with increase in price
Bullish =>  unwinding seen @  5300-5700 CE 
Bullish=>  put  writing  seen at @ 5400PE,5500PE,5600PE


We may see range bound market 5400 to 5600 with upward bias.


VOLUME PROFILE
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5318-5399-5427-5436-(5444-5466)-(5498-5518)-5525-5600-(5630-5640)-5680-5725-5745-5763-5772-5785-5798-5810-5821
MAXIMUM VOLUME PARTICIPATION IS SEEN AT THESE LEVEL FOR NIFTY.
THESE LEVEL CAN PLAY THE ROLE OF IMPORTANT SUPPORT AND RESISTANCE.




Important EMA
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5ema   5437
13ema  5448
21ema  5457
34ema  5489
55ema  5553
89ema  5621
144ema 5637
233ema 5564




Market profile
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VAH - 5448, POC - 5436, VAL - 5420


Volume Weighted Average Price (VWAP)
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5425.23




PREVIOUS MONTH NIFTY EXPIRY
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30-Dec-10--6101.85--41.50--0.68%
27-Jan-11--5604.30--83.10--(-1.46%)
24-Feb-11,5262.7,-174.65,(-3.21%)








MOVING AVERAGE PRICE CHANNEL(http://pricechannelsystem.blogspot.com/)
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We will initiated short position if nifty manage to close below 5459








J10 TRADING SYSTEM(http://perfecttradingsystem.blogspot.com)
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We will initiated short position if nifty manage to close below 5459








VOLATILITY BREAKOUT METHOD(http://perfectbreakout.blogspot.com)
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9th March  NIFTY :MIN  5414 MAX 5544 RANGE 64




Daily and weekly level
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NIFTY WEEKLY =>ABOVE  5544(BUY)
NIFTY DAILY  =>ABOVE  5468(BUY)






Open Interest Study
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As of now ,
Strong Support   @5400-5300
Strong Resistane @5600-5700