Bullish pivot on weekly parameters stand at 17815. Trade below it opens the downside. Above it till 18114 is a no trade zone.
Global markets led rally took us from 17300 to 17900. Some breather is required. Mind it. - The reversal in currency and bond yields is not market derived but induced by central banks. So it can reverse pretty fast also.
Nifty. 17700 is the level I will watch on the downside. Closing below it opens some downside.
BankNifty. Rollover is highly positive. Bank Nifty above 41000 is fine.But a break below 40850, opens downside by 500 odd points.
Derivative. Data is positive. For the first time in many months, FII are starting the series with net long on index and stock futures so a lot of trap moves are expected this month.