On negative globle cues, Indian browses lost its luster gained yesterday and could not touch 18200 level and seems that 18200 becomes tought for now. 18050-18000 - 17950 looks immediate support. The Nifty formed Inside Bar and Doji pattern on the daily chart today . A Doji candle is formed when the closing level is near its opening level, indicating indecisiveness among buyers and sellers about future market direction. 18000 - 18200 can be the range for tommorw. Even on expiry day market was choppy and didn't show any volatility, actually it was stop loss hunting day. India vix was down to 13.96, favouring bulls but no impact seen till the end of the market. Looking to option chain, maximum call writing seen at 18500 followed by 18200 while, max put have been written at 18000-17950 17900..
Bank nifty also opened in red and formed a bearish candle on daily chart and moved in a consolidated range through out the day. Bnf having support at 42200, it should not be broken down for next upmove. Most of all sectorial indices except IT and oil - gas.
Behaviour of the market till yesterday, was bullish as per positive budget expectations. Budget likely to be popular due to elections in nine States. Good GST collection, lower inflation may boost our economy and investor friendly budget may fire boom shortly.... Let's see.... Trend is choppy at closing time. Weak global cues amid good local invirement, affected the moral of the market.
Signing off for the day 💐