We are of the opinion that Nifty & Bank Nifty will touch previous highs, will retrace a bit and then the upward journey will commence.
Options data are holding out for some possible gains. Last week the PCR in the Nifty was largely negative but climbed above 1 by Friday as put shorts came in. So, the mood here has shifted from limited upside (last week) to bullish (this week). The data pegs the support to be at 18,000 levels and short-term players can have their trend-tripping point placed over there.
The positioning seems more aggressive in Bank Nifty where the 42,000 strike carries a whole lot of positions, making that a pivotal price for the week ahead. It is better to keep 41,500 as the trip-up point to be on the safer side, for short-term traders. In the Bank Nifty to the PCR is at 1.15, showing put shorting activity.
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