Market will open gap down tracking the global cues. The child has started crying after falling means USA markets are falling after the event of USA Fed rate hike are over.
Euro Area Services PMI Rises to 4-Month High
The S&P Global Eurozone Services PMI increased to 49.1 in December of 2022 from 48.5 in November, beating market forecasts of 48.5, preliminary estimates showed. The reading continues to point to a contraction in the services sector although the smallest in four months. The financial services sector recorded the steepest downturn while there was a notable improvement in consumer facing firms such as tourism & recreation.
So the dip happened. It should continue for the first half today. The next 15 days will have low volumes and swings based on VWAP price range. The overall structure does not turn bearish as long as Index holds levels of 18350. Below 18350, we can see levels of 18180.
It is time to keep position size low and focus on overall trends.
Nifty. Support at 18350 and 18180. Resistance at 18440 and 18550.
BankNifty. Support at 43200 and resistance at 43700.
Derivative. Data structure looks weak especially in Index and stock futures.
It is time to keep position size low and focus on overall trends.
Nifty. Support at 18350 and 18180. Resistance at 18440 and 18550.
BankNifty. Support at 43200 and resistance at 43700.
Derivative. Data structure looks weak especially in Index and stock futures.
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