Nifty on 1st March 2017
It is trading near double bottom and trade with caution ,even though it moved up today . There is good news in GDP , but still due to below reason for march series it is trade with caution….
In the F and O segment
FII are increasing their short position in stock futures they are increasing PUT long in Index .MACD blue line moved down and RSI continue to be in over brought zone .
As call OI maximum in 9000 and 9100 long positions can be closed near to that level or fresh shorts can be created…
Put OI is maximum in 8700 and 8800 level , If index come here fresh long or previous shorts can be closed ….
But sir nifty price coming in this area third time not double top. please once check it.
There is no substantial correction taken in NIFTY . Hence i think the upside will be limited . to 9050 or 91000 level..