Through this post we are going to tell you about the Nifty & Bank nifty state of affairs. Gujarat elections result is going to be at the back of the mind of the traders and thus big players will avoid carrying over the positions till the results are out and any adverse outcome other than BJP can cause heavy damage to Nifty. Expectations during the day can be of a sideways market to a great extent.
If voting percentage is low in Gujarat means that BJP will come in the power as in the case of incumbancy, we will see a very high turnout in the voting. More than 90% chances exist that BJP will come back to power in Gujarat.
Events to watch today will be exit poll results in the evening followed by RBI meet on 07 Dec followed by Gujarat election results on 08 Dec. 13 Dec will be US CPI and 14 Dec will be US Fed meet.
Donot forget to check our daily newsletter related to Nifty & BankNifty and make money intraday.
Nifty & BankNifty
This week is a week of news - local and global. We have a series of data including RBI policy, inflation data which can move the markets. We had a decent dip of 200 points from the Intraday highs on Friday. The thing about bull markets is that pullbacks are very strong and 1st dip is always bought into, it is the 2nd or the 3rd dip which creates a fallacy.
Nifty. It showed a lot of resilience last week based on IT and Reliance and the same should continue this week as metals are looking very good as a sector. Support is based at 18620 and resistance at 18930.
#BankNifty. Gave a decent dip and the support levels remain the same at 42800. Resistance is clearly placed at 43450. It should spend the day in this range.
#Note - Markets will be highly stock specific and the index will give buying and shorting opportunities but will remain in the range.
#Derivative. Data formation is turning weak on the futures front but not on options. It means the upside is capped and the downside is dependent on the news.
Nifty. It showed a lot of resilience last week based on IT and Reliance and the same should continue this week as metals are looking very good as a sector. Support is based at 18620 and resistance at 18930.
#BankNifty. Gave a decent dip and the support levels remain the same at 42800. Resistance is clearly placed at 43450. It should spend the day in this range.
#Note - Markets will be highly stock specific and the index will give buying and shorting opportunities but will remain in the range.
#Derivative. Data formation is turning weak on the futures front but not on options. It means the upside is capped and the downside is dependent on the news.
Donot forget to check our daily newsletter related to Nifty & BankNifty and make money intraday.
World News
Britain's economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday.
Nifty live update heavy call writing happening in 18800—18750—18700 8th dec calls if today's low gets to break in nifty than 1cr+ put writers comes at risk
See many people are confused whether to be bullish or beairsh, we know before any big event markets usually are kept sideways that is what is happening right now.
When do we have to be bearish?
If Nifty starts trading below 18600 that's when we will see some bearishness. Till then it is just premium eating days.
