Good morning, friends!
I hope you had enjoyed Raksha Bandhan yesterday. It's festival of Love, Care & Trust and that's what I also need from you all. 🙂
Our market opened Gap Up, which was a no brainer, but closed below 17700. By my daily posts, you must have already understood by now that biggest hurdle is there where market is trading as of now. So today's closing is very important to decide what lies ahead!
17475-17550 is very strong support zone now with resistance around 17750-17850 zone. Market may just consolidate in this zone before attempting Break Out. Concerns for Bulls only when it makes 2 back to back red candles and closing below 17500, else nothing to worry as of now. For Intraday, it's Buy above 17700 & Sell below 17600. Both sides are targets are not big though (50 - 70 Points either side) because of reasons mentioned above.
Managed to break and close above 38400 which would now act as very important support. As mentioned in previous posts, 38800-39100 is strong resistance zone and it showed yesterday. It also may consolidate here in this range of 39100-38400 for a while. Above 39100, 39500 is the next resistance and below 38400, 38000 is the strong support. All in all, in very tight range. For Intraday, Buy above 38900 & Sell below 38800. Target 200 points either side.
Note: After today's trading, next trading day is Tuesday because on Monday market would be closed on account of Independence Day. So create your Positions accordingly.
Wishing you a profitable day ahead!
Yours, @nikhilmaheshwari