NS VIEWS(16 MARCH,2010)

RES:5145-5161-5177
SUP:5099-5061-5037

TODAY NIFTY MAY OPEN FLAT AND MAY TRADE IN 5161-5061 RANGE WITH HUGE VOLATILITY..
BUY ABOVE 5135 WITH SL 5122 FOR TGTS 5145-5153-5161
SELL BELOW 5122 WITH SL 5135 FOR TGTS 5099-5080-5061

CLOSE MAY BE NEAR 5080 +/-10 POINTS

IN 30 MIN CHARTS NIFTY IS MAKING A HEAD AND SHOULDER PATTERN WITH CURRENT NECKLINE AT 5102 AND HEAD OF 58 POINTS,IF TRADES BELOW 5102 AND SUSTAINS THEN EXPECT TGTS OF 5044 IN NEXT 2 DAYS.

ON 15TH INDIA VIX BOUNCED FROM ALL TIME LOWS INDICATING SOME WEAKNESS MAY CONTINUE TILL 5030-5020 LEVELS FROM WHERE SOME BOUNCE MAY BE EXPECTED AGAIN.

TODAY NIFTY CAN BE SHORTED IF TRADE BELOW 5122 FOR TRGTS 5102-5061.IF CLOSES BELOW 5080 THEN EXPECT 5030-5020 IN NEXT 2 DAYS,IF BREAKS 5020 THEN MAY SEE SOME MORE CORRECTION TILL 4947-4880 LEVELS,BUT IF BOUNCES MAY RETEST 5138-55 RANGE AGAIN AND THEN HEAVY CORRECTION MAY START FOR 4947-4880 LEVELS...
BEARISH VIEWS WILL BE NEGATED IF CLOSE ABOVE 5183 FOR 2 SUCCESSIVE DAYS