As per the report we shared on last Saturday, the market range is playing out as expected. If we open gap up by 80 odd points as per SgX, then the opportunity for fresh longs is lost. We expect the Index to give a decent dip durung the day and that would be the time to go long. As per us, the dip should come to arounf 17200/220 levels.
Nothing has changed in the matkets but except news flow and buying at lower levels. It is all about sentiment at the moment. Macro situation is syill poor so will not advise portfolio longs at the moment.
Nifty. Support is placed at 17210 amd resistance at 17450. Should spend the day in this range.
Bank Nifty Tip : Support is placed at 38900 and resiatance is placed at 39650.
Derivative. This is where the action is. Huge short covering was witnessed but lack of fresh buying is a concern. Nifty looks better than BN. The volume has shifted from futures to options. The way optionsare poised, I expect a dip to HUNT STOPLOSS OF RETAIL TRADERS.
Buy on dips and sell on rise for portfolio investors.
