Good morning, friends!
After a nice trading holiday, market is open again and let's see what we can do today...
Finally it was able to close above 17500 after a prolonged consolidation, big thanks to #RELIANCE & #HDFC Twins. Structure is strong. Every dip is getting bought and that's what we should continue doing upto 17700. 17700-17750 is strong demand zone (TL Resistance on Weekly Time Frame) which would act as major resistance. Above this, new ATH is definitely on the cards however if fails to close above this TL and with any follow up reversal candle, it can again fall big. So yes, time to be a bit cautious with your longs. Possibilities ahead:
1. Rise till 17700-17750, some consolidation and then mega break out.
2. Consolidation in small range for some days between 17400-17700 keeping everyone on the edge.
3. Break 17300 and make a reversal candle from hereon.
I hope No. 1 Point happens but ye market sabka he boss, even of Bears. Let's see who has upper hand.
For Intraday, Buy above 17550 or Sell below 17450.
Helped by #HDFCBANK, it managed to close above 38000/38200. Now 38000 would act as strong support and should help it rise till 38800-39100, then ultimate resistance here above which new ATH is definitely on the cards. Bears would activate below 37700. For Intraday, Buy above 38300 and sell below 38000.
No stock specific updates. Would do it in live market. Wishing you a profitable day ahead!