We had a good session last Friday due to sector rotation and its basic concepts. SgX shows a big gap up. Incase it happens, then it would severely restrict us from building fresh long positions. Personally, we don't want the gap. Should be in the range of 70 - 100 points. Any buying be done as and when some selling happens in the market due to profit booking. Do remember to check our Bank Nifty expert tips and make money on a daily basis as we are the best Bank Nifty option tips provider in India.
We need to remember that the rally started from 15700. So, some profit booking is bound to come either today or tomorrow. Bank Nifty is weak and Nifty is strong. It creates a problem for traders. Today would be highly stock specific day.
#Nifty. Support is clearly placed at 16050 levels and resistance at 16250 levels. Opening near the resistance we should wait for some time before jumping in.
BankNifty. Clearly weak. The result of HDFCBANK were poor and many banking stocks are showing signs of weakness/ distribution. Support is placed at 34300 and resistance is placed at 35200. Watch Hdfc bank rates to understand bank nifty movement
Derivative. Data is mixed. Markets went up on Friday but fresh shorts were added. The only saving grace is big buying in stock futures which makes it a stock specific day. On monthly count we are still 1.5 lac put longs.
However if Nifty sustains above 16250 we can expect positive movement in the market to continue as very bad news (USA inflation 9.1%) is a good news in the bear market.
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