Nifty Trend For Today 16-March

Nifty showed selling pressure for second consecutive day and closed with heavy loss today. Government announced an huge cut in EPF slashed to 8.25% from 9.50% the day before Budget that will surely lead Indian markets to down and very high volatility may be seen throughout the day. Union Budget may play important role sentiment preparation. 

Nifty has some support at 5,350 levels. If Nifty manages to hold support then buying interest may be seen. Else selling pressure may be continuing. For intraday trading tomorrow, trend deciding level is 5,350-5,375. If Nifty shows strength above 5,375 levels, then rally to 5,450/5,500/5,560/5,600 may be seen. If Nifty does not show strength above 5,350 levels then selling pressure till 5,300/5,270/5,200 may also be seen.