An expiry above 16000. It happened after a long time and a welcome event. To top it off, we have news of a mega stimulus from China which will give a lot of push to positive sentiment.
There is talk of a breakout above 16000 as SgX is indicating another 130 points gap up opening. The point is simple: we need some retracement towards immediate support at 15900 for a better rally. Let the participation be wider and deeper for a better rally.
Nifty. The risk-reward does not favor longs here. Support is deep at 16060 and resistance at 16300
BankNifty. Support is placed at 34700 and resistance at 35300
Derivative. Data on the futures front is positive due to some short covering but the overall long-short ratio still favors the bears. Other data points like PCR is overbought, hence caution is advised.
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