Going ahead, the market is anticipated to stay unsure with its wild strikes till the geopolitical issues fade away

By Sameet Chavan

Our home market began the day on an optimistic notice with a niche up, taking cues from the optimistic Asian friends. Nevertheless, the market refrained at greater ranges as bears reciprocated immediately, and step by step it began correcting because the day progressed. The benchmark index concluded the day in pink by shedding 0.65 p.c to settle a tad under the 16500 mark.

The benchmark index appears tentative amid the continued whipsaw actions from the previous couple of buying and selling classes. The soared volatility is the first concern for the contributors that could possibly be sensed by means of the sample motion. The undertone stays on the bearish facet, and any aberration on the worldwide entrance may irritate the bears. In our sense, the extra it consolidates round 16400-16500 and fails to maintain at greater ranges, it will increase the chance of triggering yet another spherical of dump to check 16200 or might even slide under that as properly. Quite the opposite, the instant resistance is positioned close to the 16700 – 16800 odd zone which coincides with the 200 DEMA, adopted by a cluster of provide zones in direction of the 17000 mark.

F&O expiry outlook: Nifty stays bearish, might take a look at 16200 on draw back; resistance positioned at 16700 3

Going ahead, the market is anticipated to stay unsure with its wild strikes till the geopolitical issues fade away. Therefore, it’s advisable to remain mild and keep away from aggressive bets in these market circumstances.

So far as F&O exercise is worried, we noticed addition of contemporary shorts in Nifty in addition to BankNifty. Stronger arms continued their relentless promoting in equities; additionally they added bearish bets in index and inventory futures. In choices section, build-up was scattered within the vary 16500-17500 name choices. In the meantime, on the put facet ATM strike 16500 added contemporary positions.


(Sameet Chavan is a Chief Analyst-Technical and Derivatives at Angel One. Views expressed are the writer’s personal. Please seek the advice of your monetary advisor earlier than investing.)

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