Nifty is showing absolute strength even though it has entered the overbought region. It is having resistance at 5,825 and 5,860 while the support is there at 5,744. A consolidation around these levels is expected before a profit booking happens after the March expiry.
Market is likely to be volatile as settlement of March derivative contracts is due on March 31. Nifty is likely to get support around 5,600.
Market opened higher and traded in a narrow range to close in green. On the daily chart we are observing that prices are away from the short term averages viz 5&20day EMA. Hence a consolidation of previous gains cannot be ruled out. On the downside indices have support at 19,100 - 18,968 / 5,730 - 5,687 levels. Any move beyond 19,360 / 5,805 levels would lead indices to test 19,500 - 19,560 / 5,850 - 5,874 levels.
Market is likely to be volatile as settlement of March derivative contracts is due on March 31. Nifty is likely to get support around 5,600.
Market opened higher and traded in a narrow range to close in green. On the daily chart we are observing that prices are away from the short term averages viz 5&20day EMA. Hence a consolidation of previous gains cannot be ruled out. On the downside indices have support at 19,100 - 18,968 / 5,730 - 5,687 levels. Any move beyond 19,360 / 5,805 levels would lead indices to test 19,500 - 19,560 / 5,850 - 5,874 levels.
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