The target of 5440 for Nifty February series given on 16.02.2012, was nearly achieved today, with the Feb Series future making a low 5465 before settling for 5483 for the month. The Nifty March series has opened with decent open interest and a premium of 56 points, while on the options side 5600 and 5500 calls added the maximum amount of open interest and the put call ratio improving in favour of calls in the last few days, indicates strength in the market. The technical indicators indicate, that profit booking has taken place at the overhead resistance of 5600. Keeping strict stop loss at 5390 and 5365, one can take long positions in Nifty with the targets of 5526, 5552 & 5570.
On the individual stocks front, Axis Bank has developed a negative trend both on the daily and weekly charts, one can go short at 1240 level with stop loss at 1268 and a target of 1193, 1182, 1170 on the lower side.
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