Verdict : Today flat opening and we maintain the positive bias in market as European and Asian markets are higher. Nifty above 16000 ready for target 16150 & bank nifty above 34000 good for 34600-34800 keep trailing profit.
As expected, we had a good rally but today the small gap up suggests an opening near the resistance zones. It means, risk reward is in favor of long positions, but its time to book some profits and wait for the breakout above 34200 in Bank Nifty and 15925 on Nifty. Breakout means at least 1 big candle of min 15 mins with volume. The trick is not to pre empt the move but wait for it to happen and then enter.
Nifty. 15920 is the level to watch and then 16160. But if it reverses then we can see 15730 and 15600 levels.
Stocks in focus for day are technical and metal stocks.
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BankNifty. It closed nearly at the resistance. Upside above resistance. Even a 100 point move is a breakout move so we need to take it.
Sector. Rotation is in full swing. We expect Banks to perform today and FMCG and Capital Goods should do well.
Derivative. Data is super short, but is positional in nature. Options data is positive. Point of concentration has now risen above daily VWAP which is a concern.
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