Today USA Fed hawkish stance indication is going to keep the India market in the jitter mode. We break yesterday lows, we short for lower levels.we break the 1st level of resistance on the upside (17160) we trade for longs. In between, we don't do anything.
Nifty. The overall structure is fine but on the short term it is shaky. If we break 16950, we should see 16800 or below. Resistance is placed at 17160.
BankNifty. It showed a lot of resilience but could not sustain. The most important level is 38500. If we go below it, we have open downside of 1000 points. Upside levels are 39300.
Derivative. After so much of weakness, yesterday more shorts were added. This is tough for the bulls. Shorts were added in Index Fut, stock fut and options.
Cautious day today.
Nifty. The overall structure is fine but on the short term it is shaky. If we break 16950, we should see 16800 or below. Resistance is placed at 17160.
BankNifty. It showed a lot of resilience but could not sustain. The most important level is 38500. If we go below it, we have open downside of 1000 points. Upside levels are 39300.
Derivative. After so much of weakness, yesterday more shorts were added. This is tough for the bulls. Shorts were added in Index Fut, stock fut and options.
Cautious day today.
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