We got thr correction we were waiting for. Some more of it is left though today it would be range bound and erratic without a direction. The bias should be sell on rise. On Technical front, Nifty made a bearish engulfing with a lower shadow indicating confusion. Any dip below yesterday lows could trigger another 100 points sell off.
NBFC stocks have been doing well and will continue to do so due to high NIM. The out performance will be much better than Banks as banks will feel the pressure of treasury income which will set off against NIMs.
Nifty. Support is placed at 17540 and resistance at 17780. These are spot levels.
BankNifty. The outperformance was stark but some parity is expected. 42550 is the resistance and support is placed at 41800.
We have a few open positions and we will try to book some profits in them today.
