We have been saying for the part 2 days to be cautious at higher levels and we can gave a breakdown any day ! The day is today. 17730 is a strong resistance and we have not been able to cross and sustain above it for the past 4 days. I wrote the same in my morning comments and also shared on Twitter. Today the fall should be led by Bank Nifty which has outperformed the markets.
What came first - Chicken or the Egg? The same analogy applies in the markets. The fall will bring bad news or the bad news brings the fall? The need is to focus on the trade and not on other factors.
Nifty. Clear and strong support at 17450 and resistance at 17730. If we break below 17450, then we can see a sharp fall.
BankNifty. Resistance at 40000 ans support at 39300. Break the lower range and we can see another 500 points drawdown.
Derivative. Data formation was very weak yesterday. It is 3rd weak day in this week with heavy shorts on Index futures and put longs.
Be cautious today.
What came first - Chicken or the Egg? The same analogy applies in the markets. The fall will bring bad news or the bad news brings the fall? The need is to focus on the trade and not on other factors.
Nifty. Clear and strong support at 17450 and resistance at 17730. If we break below 17450, then we can see a sharp fall.
BankNifty. Resistance at 40000 ans support at 39300. Break the lower range and we can see another 500 points drawdown.
Derivative. Data formation was very weak yesterday. It is 3rd weak day in this week with heavy shorts on Index futures and put longs.
Be cautious today.
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