IFIN: Morning News & Views

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Watch Nifty

Ø  Nifty was range bound. It is also near its crucial support levels of 5320. Two possible scenarios - One, Nifty continues to be weak and moves down amidst volatality. The other, there is a pullback atleast till 5500, 5550 levels before moving down. Put options can be bought on pull backs (with stops near 5670), or when Nifty cuts 5320. Till such time Nifty closes above 5650, the bias is negative.

Ø   For 22/03, Nifty's support is likely around 5320 and resistance around 5450.

Ø   If Nifty were to pullback, the following look good in the near term:

o    Lupin > 407, Hindoil > 182.