USA Consumer price inflation data is out. Another gap up luring the Bulls! Looks like it may stay a bit longer that 30 mins. After relentless selling pressure of the last few days, we may see some relief for the Bulls. The gap up may sustain due to short covering. Max pain still exists at Nifty 17200 level which means option sellers are optimistic that Nifty will expire near 17200.
The move can take Nifty to 17230, 17350 levels before a fresh downmove. Today, we trade eith an open mind without any prejudice. Let the markets lead us. To do this, stay away from the news.
Nifty. Support comes in at 17970 and resistance at 1250. Buy only if yesterday highs break on the upside.
BankNifty. Support is placed at 38500 for the expiry and resistance at 40400.
Derivative. Data is weakening every day. Again buy numbers in calls and puts which indicate volatility.
Nifty March futures ended at 17,140 a discount of 65.80 points.
Nifty March futures rose 6.29% and 14,625 shares in Open Interest.
Nifty Bank March futures ended at 39,696.25 a discount of 9.35 points.
Nifty Bank March futures rose 7.77% and 8,162 shares in Open Interest.
Securities added to the ban period: Indiabulls Housing Finance, Gujarat Narmada Valley Fertilizers & Chemicals
Lighter vien
Yesterday was Adani's younger son's marriage.
Perhaps, he was busy.
Looks like today Gautam Adani is back to business...
