Fiis short positions have reduced and that is a good sign that they are short covering. Crude going below $100 is a good sign for India. Today is weekly expiry and data suggests we are starting the day with positive bias as suggested by SgX Futures.
Nifty. Nifty reversed from falling trendline and gave smart rally yesterday. Interesting thing was it gave 2 dips to enter. Support is placed at 15900 and resistance should come in at 16150 levels.
BankNifty. We expect opening at 34800 levels as it is the resistance point. Support comes in at 34300. It is possible to see 35k too.
Derivative. Data is super strong. Though the market is still net short but weekly numbers are positive. The only problem is the gap up today. It will not allow call writers to cover positions.
Sector. Last time, we gave FMCG as the sector which will give a good out performance. Most stocks are doing well. Now it the time to focus on paint stocks. It should give a good swing trade on the upside. We expect select stocks to give upto 30%.
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