Bank Nifty Prediction
Yesterday, we wrote about obsession with Dow futures and global markets rather than looking at the internals and structural weakness in our markets. Don't know how many read and understood the meaning. We are in a consolidation phase between 16200 to 16620. The tighter the range the better are the chances of a break on either side. It is like volatility contraction and expansion which is part of base building exercise. Let me be clear, markets are not very weak: it is just not willing to go up. So it is sell on rise and buy on dips. The moment is breaks, we can see a sharp move on either side, hence stop loss becomes important.
#Nifty. We got the levels correct to the point and same levels will work today also. 16445 is the support at 16620 is the resistance. Above it, 1670 is the level to watch. If 16445 breaks, then expect 16270.
#BankNifty. The weaker index as per data. Tomm is RBI policy which can trigger some short covering here. So, do not short this index. Support is placed at 34700 and resistance at 35600.
#Derivative. Data clearly suggests that upside is capped. It also says, expect a sharp dip during the day or tomorrow.
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