- Crude has retreated a bit giving respite to the rest of the world including India.
- Global market has also given a good run yesterday though the yield curve inversion is in the air.
- In F&O space, apparently, smart money is looking for ways to come out of shorts. This is possible for the end of the month but April beginning may see a different trend for India market.
- Again, FII has sold a big chunk in cash which has been balanced by DII giving the required support to the market. DII support is evident given that they need a good NAV to close the financial year.
- Nifty is still playing in a range. On the downside it has tested 17050 level too many times and it is unable to sustain above 17300 also. Sooner or later when these two levels break on closing basis, we might have good trending move.
- US market had again an up day but overall it is still consolidating in a range. Note that higher levels in S&P 500 is not being supplemented by higher volume which is a sign of weakness.
- Nifty option chain, shows straddles at 17200 level still. Surprising that even though there was a sharp recovery in the market yesterday but still call writing at 17200 level has not reduced a bit. Also, 17000 is still a support and major resistance lies at 17500. OI chain analysis can be done in live market using sites like tradingtick or opstra.
- Market likely to at least 150 points gap up. Overall, expecting a bearish day where in the first half of the day, it should be bullish but market should come down in the second half given such a huge gap up and there should be a profit booking at the end of the day as no one likes to carry positions these days given the uncertainty around us.
- A daily close above 17350 will negate any future move downside and it can be treated as a breakout on the upside. Today’s close will decide many things of the coming days. But overall a bullish move is expected in next two days.
- Cannot see monthly expiry above 17500 for Nifty though.
- For next one week, a daily close above 17350 or daily close below 17100 will take Nifty further towards that direction.
Do not forget to refer the monthly view of Nifty. Keep that in background where we can go.