We are expecting Nifty to move up and if Nifty 17300 is held than we will head towards 17800 and in no scenario 16800 should be broken.
Derivative data is weak. Lots of selling in Nifty and Stock futures. Nifty has shown some tiredness but the weakness is yet to come. Not much to write today, but I won't be a buyer. Sector Outlook is -
IT - Avoid
Metal - Avoid
Bank - Underweight
Infra - Overweight
Defence - Overweight
Pharma - Neutral to Overweight
FMCG - Neutral
Auto - Neutral
Manufacturing- Overweight
NBFC - Underweight
PSU & PSE - Overweight.
Hence, you can see that investments are concentrated on only few sectors only.
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Nifty. Support is placed at 17320 and 17230. Resistance is placed at 17430 and 17530.
BankNifty. Resistance at 41000 and 41300. Support at 40200 and 39850.
