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Good morning

Day before yesterday, the Nifty opened the day with a huge negative gap, slipped further down initially but soon recovered during the day to close the day at the days high.

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 negative bias on global cues. Strong and immediate support is now at 16600. If this level is taken out the bears will dominate. However, if the support of 16600 is held, the Nifty will make an attempt to test 16850 – 17000 which is a strong resistance zone.

Further updates during live market hours on our Telegram channel.

For the Bank Nifty, immediate support is now at 35900. If this level is taken out, the bears will dominate. On the higher side 36300 is the immediate resistance. If this level is taken out the Index is likely to test 36700 – 37000 which is a strong resistance zone

Wishing you a profitable day ahead!!!