Good morning, friends!
I hope you're doing well. Sharing 1st market update after 4 days of break. So let's see where are we standing right now.
Global markets are Flag to Green. After 3 days of Gap, we opened Gap Up yesterday and showed no sign of bearishness whatsoever and closed above 17800. Only issue was lack of volumes and broader market participation. I've been mentioning 17850 for quite a while now, so it'd be interesting to see whether we achieve this level on closing basis or now. If yes, we should be welcoming a new ATH soon. However, we've to be cautiously long (not short, still remain long but cautiously) because any trigger can cause 200-300 points dip. Major support standing at 17700.
Intraday Buy above 17850 and Sell below 17780.
Major contribution in rise can come from #RELIANCE.
If you've checked the charts I share, I've mentioned zone of 39100-39400 which can be major rejection zone. Yesterday BN finally entered this zone. Would it be able to cross and close above 39500? If yes, all cheers for Bulls. If not, we may see small profit booking or consolidation in zone of 38400-39400 for a while.
Intraday Buy above 39450 or Sell below 39000.
Major contribution in rise can come from #HDFCBANK & #ICICIBANK.
All in all a day to be a little cautious with longs. For bears, find your opportunity in Intraday, avoid positional shorts. Wishing you a profitable day ahead!