morning thoughts...

As said and mentioned about the huge oi at 18300 and the major resistance and trap at same levels , the markets reacted and cracked to the said levels of 17500 on nifty and 37500 on bank nifty

The coming session is likely to see more dips but now is moving to cushion and support zones as it nears the 60 dema and oversold zones near 17300 which if broken will see sharp sell to 17000 and 36500 on nifty and bank nifty on immediate basis

As we are now into fo expiry week with a truncated week and an important financial event ahead , good selective buying will be beneficial

Technically the nifty and bank nifty have achieved our targets of 17500 and 37500 and is likely to see some buying near 17000-050 levels and 36500-300 levels on nifty and bank nifty respectively

Stocks have seen the wrath and correction in past week and may see some value buying ahead

Commodities remains subdued in base metals , energy and bullions