The markets could not hold the levels mentioned as tender line for nifty at 17366 and bank nifty at 38488 and slided to close below it indicating a further weakness in the markets in the coming sessions
Technically the markets are ought to be very volatile in coming session with nifty finding base near 17000 and resistance near 17350 whereas bank nifty will see supports near 37500 and resistance at 38200 with very volatile swings giving oppurtunity to both long and short traders with the strategy of buying dips to supports and selling rise to resistance
As the call writers have an upper hand , markets will face resistance on higher sides , however above 17366 a short covering rally may be triggered , below these levels the markets remains weak for 17000
Similarly above 38200 which is the resistance for bank nifty it can inch upto 38600 , below these levels it remains weak for 37500
As the markets moves near 100 day expo levels with varied dema and macd on daily crossovers , expect huge volatilty and swing in the markets which can be equal to a pendulum
Amidst volatility it will be viable to add value and high rsi stocks in metals , pharma , psus , nbfcs which will outperform with weakness in power at initial stages which may provide a good oppurtunity to add
The focus must be stock specific and for the index on the levels mentioned
Commodities remains subdued with range bound trades in base metals , bullions and energy
Stocks to watch
Nifty and bank nifty buy on dips and sell on rallies as per above levels
Buy chola fin , muthoot fin
Buy gnfc 540 ce
Buy hind copper 140 ce
Buy hindalco 520 ce , tata steel 1200 ce
Buy fo biocon , vedl
Buy crude , copper , gold mcx
Sell silver mcx
