MARKET OVERVIEW
Nifty opened gap down and is facing resistance at higher levels. The index is making lower lows since the last 3 trading sessions which is providing some discomfort at higher zones. Any rise towards 16161 can be utilised as a selling opportunity in the index.
India VIX is flat near 19 zones. However it needs to cool down below 18 for stability and a directional move in the market. Now till it holds below 16161, it can move down to 16061 and 15950 zones whereas bounce can be seen towards 16250. Market breadth is positive which indicates that there is buying interest in the market but pressure at higher zones.
Nifty is showing signs of weakness while Bank Nifty is holding at higher levels. In Nifty we can utilize any rise for selling opportunity while in Bank Nifty any dip should be utilised as a buying opportunity for higher levels. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in M&M Fin, Eicher Motors and Pidilite.