morning thoughts...

In our last post we had mentioned the importance of 16800 on nifty and 36800 on bank nifty and advised to buy to dips to those levels and the markets seems to have taken supports at those levels and set for a bounce to levels of 17400 and 38000 in nifty and bank nifty as excessive fear and negativity mongers at lower sides with increase of oi at 16800 and 36800 with ist probable resistance at 17200 on nifty and 37800 on bank nifty which is last weeks high

Technically the range between 16800-17600 for nifty and 36800-38500 will keep on playing in the coming session with the former providing supports and the latter providing resistances and provides excellent oppurtunities for both long and shorts traders

As we now move closer to expiry which is a truncated one for the month , a probable short squeeze is likely and may see a pump in index and stocks and may hover in volatility swings amidst global news and may witness profit booking at higher resistance zones of 17200 and 37800 , so their remains an oppurtunity for both long and short traders between the range mentioned

Commodities may see a profit booking at higher levels in base metals , energy and bullions

We hold longs in nifty , bank nifty , fo chola fin , bank nifty ce ,mcdowell 830 ce