Pre-Open, Mar/16

With US markets mildly positive and negative Asian markets, we face a nervous day. The big positive being the FIIs buying in futures market yesterday and MFs buying on Mar,14. So there is value in the market at the current levels. Due to lack of directional clarity, people are fence sitting. So who is going to bell the cat? A flat Put-call writing suggest that range bound market.

A morning like this where both bulls and bears find not much of help from their overseas friends, we are set for floor strength on our own . With the way, markets have ended bears seems to be in the advantage position. But bulls wont give up easily too. Such a day like this, usually brings the surprise element.

Expect a low volume day unless break out of either side happens. Play, shorting game if 3595 Nifty future breaks. Bulls would hope for retest of 3690 levels.

Sensex levels to watch out for 12616-12650-12682, the Fibonacci re-tracement levels for yesterday's fall. We will see, whether we can close the "Gap" today on the upper side.

Other data points for today are advance tax numbers and inflation data in the mid-afternoon. US will be releasing their CPI numbers today evening.