It's time to book some profits and take some money off the table. We have had a stellar run in the markets and also in our channel but now is the time yo take it easy. I don't say a deep correction is coming but it's time for some consolidation and sector rotation. Trading money will move from sector to sector which will help the Index to sustain at a good level but big trading returns will be missing.
#Nifty. Support is placed at 17700 and 17650. Resistance is placed at 18114. This is the previous quarter highest level and should act as stiff resistance.
#BankNifty. Has been a big outperformer since the last few weeks buy should take a backseat now. The problem is support is much deeper at 39900 and resistance at 40900. So it's time to avoid this index.
#Derivative. This is interesting. Data points indicate a completely hedge position indicating moves on both sides for this week.
Expect a range day.
#Nifty. Support is placed at 17700 and 17650. Resistance is placed at 18114. This is the previous quarter highest level and should act as stiff resistance.
#BankNifty. Has been a big outperformer since the last few weeks buy should take a backseat now. The problem is support is much deeper at 39900 and resistance at 40900. So it's time to avoid this index.
#Derivative. This is interesting. Data points indicate a completely hedge position indicating moves on both sides for this week.
Expect a range day.
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