Good morning, friends!
I hope you're doing well. So finally the mother of all expiries is here. A day which is expected to be full of volatility. Yesterday after remaining in some selling pressure throughout the day, making the day choppy, market ended in small green giving good hopes to Bulls. Let's see what we have in plates today...
Short term range of 17300-17700 is still intact with Intraday support of 17540-17550 and resistance of 17620-17635. Chances of breaking 17630 is higher to reach 17700/17800 levels, area of maximum resistance. Below 17550, we can see 17350 once again, area of maximum support. A gap up is expected, so we'd need to watch where it opens. Intraday Buy above 17630 or Sell below 17590 for small targets of 30-50 points either side.
Looked comparatively stronger with private banks participating. 38700 is strong support & 39500 is strong resistance breaking of which will decide next course of action. If opens & stays above 39100, one can plan a long trade with SL of 39000 spot which will act as strong Intraday support. Rest we'll see Live.
Bias: Positive with Buy in Dips.
Sectors to watch: IT, Energy, & Pharma.
Wishing you a profitable day ahead!