What a pleasant surprise looking at SgX in the green but the color is fading quickly. Let's see what happens by the time we open. Today is monthly expiry so my focus will be more on data. We are seeing 1 sector falling badly everyday which suggests weakness and fear in broader markets. Today if we see any shortcovering then it would come only above 16140. Sharp fall is expected below 16000.
The market tried its best to break 16000 yesterday but could not do so probably due to expiry factors. It's just matter of time that the level breaks. The reason is simple: we open strong but close near the lows of the day suggesting trading weakness.
#Nifty. Basically 16000 to 16140 is no trade zone. Expect some short covering outside this range till 16240and 15850 on the downside.
#Derivative: Data formation is mixed. More so due to expiry and rollovers. Overall data for the month was weak and rollovers in many Index stocks are negative for June.
#BankNifty. It is trading in a tight range and the same is expected today also. Support at 34100 and resistance at 34800.
Wait for the range to break for a fresh trade. Sometimes no trade is the best trade.
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