Last Trading session Indian Stock Market opened negative for the day.Market is still in negative zone and traders should hold short positions until Nifty closes above 8962 levels for Nifty and exactly same happened. Indian Stock Market fell down sharply but saw strong support levels of 8850.
Today Indian Stock Market would open flat. Technically, Analysis would remain same and Indian Stock Market is still in negative zone for now. Now this week is full of big events. ECB Interest rate decision on March 09, 2017 and UP Election Counting on March 11, 2017 would create huge volatility. Market would enter into positive zone once it closes above 8950 for Nifty and 20725 for BankNifty. Once Nifty and BankNifty closes above these levels, traders can initiate long positions in the market but until then traders should hold short positions. Make sure that every trade should be perfectly hedged as huge volatility would be seen in the market. BankNifty would see around 4% movement before March 16, 2017 option expiry on either side and we expect BankNifty to breach 21000 in positive direction or 20000 in negative direction post UP Election Results, so traders can go for Long strangle or Long straddle positions in BankNifty Options for 16 March 2017 Expiry for handsome gains.