Dated :- 20.03. 2016                                 NIFTY SPOT : 7604.35

Hi,

Readers,

Nifty moved in a small range in most part of the last week.

It is still moving in the contraction zone and on Friday it tried to move out of the zone and managed to close at 7604. This boring range bound movement of Nifty has further reduced the range to 7480 to 7613.

Next week is truncated week also & only first 3 days are working.

Even if Nifty tries to breakout of the range on the up side one should be cautious as this breakout is in resistance area (mentioned in my previous blog and again mentioned in last paragraph of this blog also)with long holidays after that.

Chartically Nifty’s current setup does not provide any opportunity of carrying positions home before long long week end (Neither long nor short positions).

And I am not interested in taking fresh long position around 7680 type levels or after tommorrow whichever is earlier because of the reasons mentioned above. Nifty is currently standing at 7604.

Thus, This is the time to enjoy the holidays and stay out. And to play only on Intraday basis.

Overall in few days time I still maintain that on my charts 7608 to 7823 is expected to act as major resistance area and major tussle area. That area will be the real test of this movement of Nifty. Till that area is not taken out comprehensively I do not expect Nifty to stand up.

Frankly I want Nifty to take resistance in my this resistance area and start correction to 7427 or below levels. That would be the ideal situation for Nifty.

Enjoy the holidays.