Too many reversals from 16950 - 17000 levels in the past 1 week. It indicates a form of base building where in dips are being bought. Having said that, charts on all time frames are really weak and it would take a bout of short covering coupled with fresh buying for the markets to have a sustained rally. We can say, any upmove will be slow and volatile. Moreover today is Finnifty Expiry and thus volatility will be the order of the day.
Nifty. Support is placed at 16900 and resistance at 17100 and 17180. The real move will happen only above 17180 levels only.
BankNifty. Weaker Index. Closing below 39500 is a red flag. Any break below 39350 can take the index lower to 39000. On the upside, 39750 is a strong resistance, if we break, then we can see 40200 levels
Tradesetup. Buy on dips for the day but we keep an open mind looking at intraday volatility.
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