Today we start a fresh financial year. Matkets have been in a distribution phase since the last 18 months or so without any returns. Most portfolios are in red but sharp swing trades have given good returns as always. Market is likely to open flat with bullishness. However, observe first half an hour and if you see positive momentum go for calls side.
Trade accurately using our bank nifty option tips on a daily basis to make money in market.
Few points to remember-
1. CRUDE OIL has shown a lot of strength inspite of negative eco sentiments. With OPEC cutting production till Dec will keep crude at elevated levels with high volatility.
2. Gold & Silver - Both the metals are in overbought territory and have entered long term buy. The charts are very bullish for a long term cycle. Gold can trade at 60k+ and Silver at 75k+. Buy on dips. Gold Bees is a good option for retail. Can accumulate on dips.
Nifty - We already shared our annual view in January. For the month, 17635 on the spot is tough to break on the upside. As per us, we are still in sell on rise mode. For the day support is placed at 17200 and 17120. Resistance is placed at 17430. Unless 17800 is not broken mkt will remain sell on rise.
BankNifty. 39800 is the support for the day and resistance is placed at 41150. Clear sell on rise.
On time parameters, we still feel markets should trade range bound to low. The distribution phase should continue.
