Good morning, friends!
First of all, Shubh Raksha Bandhan to all of you. I hope you're doing well. Yesterday after US Inflation data came which was better than expected, their market zoomed and in all probability it'll help us gap up. That's the most important term, Gap Up. It can only help us open high, but will it sustain is the biggest question.
By now the whole world knows that 17750-17800 is father of all resistance (both on Daily and Weekly TF) and bears would love to short here. That's where the picture changes and makes this thing more interesting. When everyone knows when to sell, everyone knows when to buy as well. Now it'd be all about who succeeds in this battle. As shared in previous messages, today as well, I'd be cautiously long. No harm in booking once around 17750-17800 levels. If we manage to close above this level, we're enroute to 18400/New ATH. But if there is profit booking at this level, we'd need to wait for follow up candle to see if it's reversal or just consolidation before a big break out. So don't be in heavy longs as of now and don't short either. As a Gap Up is expected, no point sharing Intraday levels as well. In case market opens flat, it's Buy above 17550 and Sell below 17475.
Faced resistance at 38400, as shared in previous post. Not muc change here. Above 38400, biggest resistance is in 38900-39100 zone. Once that's cleared, we're good for a new ATH. We have decent support at 37700-37500 zone. With Private Banks looking good ( #ICICIBANK , & #HDFCBANK), Bulls have upper hands as of now. For Intraday, it's Buy above 38400 and sell below 38000.
Stock of the day can be #MGL, let's see!
Wishing you a profitable day ahead. Once again, Shubh Raksha Bandhan! ❤️