17-3-2009 trading shows that markets tested the 61.8% Fibonacci retracement level nifty 2805 and drifted down and closed at 2577 - 19.8 points. This was also based on Global cues. But the trading at 2750 range shows that nifty may not fall further. Global cues today are also positive. Open interest in Nifty future is -8 lakhs but very good addition is April future. Huge put writing at 2700 & 2800 levels shows that markets will go up further. FII data is also long in index future but short in stocks futures. Good buying in cash markets.
Considering global cues it is better to remove shorts any at most possible time today and try to go long. One can go long with stop loss 2700- 2685.
Hope for shorts is nifty 2830-2840 levels. If nifty faces resistance at this level markets may come down. First remove shorts and if markets drifts down at nifty 2830 zone and breaks 2800 then take shorts once again. And markets won't break 2500 this month please.
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