Good morning
Last Friday, the Nifty opened the day with a huge gap, extended the gains in the first couple of hours and then consolidated for the rest of the day to close the day with strong gains.
We do not have any open positions now. We will wait for a good opportunity for a fresh trade.
For today, the Nifty is expected to open with a nagetive bias on global cues. Strong and immediate support is now at 16590. If this level is taken out the bears will dominate. On the higher side, 16850 – 17000 is a strong resistance zone.
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For the Bank Nifty, immediate support is now at 36200. If this level is taken out, the bears will dominate. On the higher side 36700 – 37000 is a strong resistance zone.
Wishing you a profitable day ahead!!!