Intraday Range: 16800-17200
Short Term Range: 16650-17200
Intraday Range: 38000-38800
Short Term Range: 37800-39000
Major draggers: All Sectors were draggers apart from Pharma.
A probable dark horse: #TRIL
Yesterday's commentary hit the Bull's Eye. Today is a new day. We're expecting a Gap Up above 17000. If it happens, 17000 would again act as a strong support with major resistance placed at 17200. I expect a range bound day with a few attempts to break 17000 on downside or 17200 in upside. What matters of it sustains or not. Above 17200, we're enroute to 17500. Below 17000, it'd again be same story...brace yourself for a volatile day. I don't expect major downfall till 17500 is reached.
Position sizing recommended: Medium
Should we be cautious? : Yes (as long as below 17200 CB)
Area of averaging PF? : 16700 (Keeping this level intact for a few days as long as we're closing below 17500)