Intraday Range: 16900-17200
Short Term Range: 16700-17400
Intraday Range: 38000-38700
Short Term Range: 37800-39000
Major draggers: Banks, Financials & Metals
Stocks to watch: #CIPLA & #IGL
A probable dark horse: #RENUKA
US market went on India's way. Opened Gap Up and closed Flat. It was a rollercoaster yesterday for markets. Market surely preparing for a big move. It somehow managed to close above 17000 after hitting SL's of Shorts. 16800 is next major support followed by 16600 (using round figures). Currently in Sell on Rise mode. May see some short covering today if it starts trading above 17200 to witness rise till 17350/17400 to again get sold into. Shorting here is not advised as Risk to Reward is not favourable.
Position sizing recommended: Medium
Should we be cautious? : Yes.
Area of averaging PF? : 16700