Good morning, Friends!
I hope you're doing well. Yesterday, global markets flat, so was Indian Market. #NIFTY50 tried to break 17300 but it couldn't and faced selling pressure but still was able to hold 17100. However, in last 1 hour FII selling intensified and we witnessed tremendous selling and made a low of below 16850. 16800 was be tested many times previously as well and will automatically act as an all important support for now, which broken can lead market to 16650/16400 levels. If 16800 is saved on closing basis, we can retest 17300 levels in coming days.
Above 17300, 17450 would next target. Range this becomes 16800 - 17300, which needs to be broken.
For Intraday, immediate resistance is placed at 17000 and support at 16900. Create your positions accordingly.
Sectors in focus: Auto, PSU Banks, Energy
Wishing you a profitable day ahead.