Today, direction of market is not known. US Markets are shut.
Reliance move will impact the Nifty movement today.
We need to be above 16200 for a bullish month ahead.
Banknifty future above todays high it opens for immediate 34170—34320—34771 levels and that time today low 33600 becomes big support to play this up move
The rally on Friday was sursprising to some. Of everything we discuss and all the charts we look, we are still in a range of 15500 to 15900. We closed in between. This see saw move will continue until we break the range. Being in a range is a sign of strength for some as they would call it consolidation, but a long consolidation is a sign of weakness.
The overall trend looks good with many stocks showing good structure and breakout plans, let's see how it works today. The event of filling the gap is good enough for many bulls to initiate buy on dips but to me it is purely stock specific market.
Nifty. The range is clear 15500 to 15850 and then 15920. We should spend the day in it.
Bank Nifty. Here also the range is clear. 33100 to 34100. Should spend the day in between only.
#Derivative. Data formation on the 1st trading was weak which was surprising given the fact that we moved up well from the lows. Imp point is Index numbers were also weak online with stock futures( due to reliance)
Expect a range day.
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