USA Fed meet announced rate hike at midnight.
Thursday is expiry and thus be ready to embrace volatility
Mkt likely to have bottomed out with 0.75% rate hike by Fed. Bad news absorbed by mkt
However, cautiousness around 2 pm when selling may come.
Good Morning
After a long long time, we are looking at the opening and the trading day as bullish. It is not that easy as SGX is suggesting. For the last 3 days we have been able to hold the range of 15670 to 15700 which is basically a base building exercise. It is not over yet. We need some more time between 15700 to 15900 levels. There is a lot of data based imbalances in the Index and Stocks which need to be corrected before a reasonable upmove. Don't jump in atbthe Morning, wait for some dips and take the day as it comes. Overall trend is still weak.
#Nifty. SGX suggest opening near 15800 levels. Resistance is placed at 15900 and support at 15670.
BankNifty. The center of attraction today. If we cross 34500, I expect a move of 300 points on the upside. 35000 is a big resistance and difficult to cross on expiry.
Derivative. Yesterday data is nothing. But overall data is very weak and ripe for some short covering. If it happens, then metals and banks will outperform else it would remain as a dead bounce.
Trade carefully.
Make use of our Bank Nifty Option Tips for Thursday and start making money everyday.
