1)Nifty on the daily chart on the buy mode with wide supports ranging from 5400-5440 zone
2)Nifty 90 min charts tuned to sell mode on last Thursday and currently with trailing resistance coming near to 5500 zone
3)Still 5300PE and 5400PE maintains higher open interest among all the nifty options strike price. And 5400 PE holds the highest OI built up among the two which shows that put writers are confident of holding nifty above 5400 for this expiry and even if there is a correction on EOD basis it could extend upto 5350.
4)As usual too much external noises ( Japanese Earthquake, IIP numbers, Inflation, Libyan crisis, oil ,Gold crisis and much more to confuse you on making your trading decisions on nifty. Next week factors not to watch while taking a Nifty trade… Credit policy (March 17, 2011) and advance tax nos from large cap companies (March 16, 2011 onwards).