Today is weekly expiry and some caution is advised as volatility will be higher. USA FOMC meet result is out and they are hawkish which means interest rates will keep moving up going forward. So expect market to open negative and than consolidate to move up.
It is imperative to say, we are very close to resistance levels of 18000 on Nifty and hence keep positions light. We are not at all bearish on the markets, in fact gave maximum buy delivery trades in this month. All we are saying is as the markets go higher, reduce your exposure. In case of a dip, we can enter again. So, we wait for the opportunity to present itself.
Nifty. Some dip after a long time is expected. It's time to test 1st support levels of 17850 and then try to move higher. Resistance is placed at 17975/18000.
BankNifty. Yesterday was the best day for BankNifty to break 3 day resistance levels of 39500 but could not. I expect the Index to hold that resistance today and give a dip towards 39150 levels during the day.
Derivative. Data formation is bearish for the day, bullish for the month. So, show some patience and wait for your opportunity.
Nifty. Some dip after a long time is expected. It's time to test 1st support levels of 17850 and then try to move higher. Resistance is placed at 17975/18000.
BankNifty. Yesterday was the best day for BankNifty to break 3 day resistance levels of 39500 but could not. I expect the Index to hold that resistance today and give a dip towards 39150 levels during the day.
Derivative. Data formation is bearish for the day, bullish for the month. So, show some patience and wait for your opportunity.
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