In our last post we mentioned if 17662 is crossed on nifty then a spike and spurt will be witnessed along with bank nifty as we start the year on a lighter note in fo derivatives and the same was witnessed with index breaking above the levels mentioned
On 24th december post we had mentioned that new year will bring upmove in sugar and commodity stocks and most are on verge of breakout in balrampur chini, avadh sugar, kothari sugars, dhampur sugars and all of them zoomed by 15-20% last session
Technically the breakout level of 17662 now becomes the support levels for nifty with bank nifty finding supports at 36200
However maximum call writers are at 17900-18000 which will provide resistance to the markets for the near term
Stock rotation and sectors will continue and one needs to be vigilant in same
Ethanol, commodity and textiles is the sector for coming days which will see buying traction as most are seen with consolidation zones with volumes
Year is of venus and the setup is getting ready before budget for nifty and bank nifty
Nifty 16700 or 18600..?
Bank nifty 34800 or 38500..?
