Edit this postClear tiredness from the Index in the last few sessions with some distribution at higher levels. It does not mean, we are reversing, but we need to be cautious with trades. As per my comments of yesterday, when near the top, take a step back.
Small intraday scalping trades are fine, but positional trading can be risky. Having said that, we simply try to follow what the markets tell us. Cannot preempt a move.
Trade like a pro using our bank nifty option tips on a daily basis.
Few of you asked why FMCG is going up in high inflation? The answer is - Higher product prices gives them higher margins. Consumers reduce buying when prices go up, but when the prices sustain at a higher level, then the same consumer starts buying thinking that, that's the way economic price action is working. This creates an expansion pattern on the charts after contraction when there was less buying. Many of you know, what happens in expansion.
The same happens with Auto, 2 wheelers but not with luxury items.
#Nifty. Gap up by SgX. I don't think so. Support is placed at 17660 and resistance at 18770.
#BankNifty. Support is placed at 43000 and resistance at 43800.
