Nifty unable to sustain above 50-DMA

Nifty has been unable to sustain above 50-DMA on five occasions since last four weeks, suggesting a supply zone for the index around the 50-DMA. With the appearance of Gravestone Doji on Monday, it appears that the direction of the trend (recent recovery from the low of 5,664) maybe be nearing a major turning point and fresh longs should be build only above 5,972.

Sensex March future which shed 1140cont in open interest has seen long unwinding.

On option front, Sensex Mar 20,200 strike call which added 6360 cont in open interest has seen writing, while put buying was seen at Mar 19,800 strike which added 810 cont in open interest.

Source : Equity Bulls

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