The markets achieved our said targets if 16200 and 34000 on nifty and bank nifty respectively and now is near to supports of 200 dema and as the macd crosses 37 and the rsi moves into an oversold zones , a bounce back in the coming sessions is likely with key supports at 16050 and 33650 levels for the nifty and bank nifty respectively
We had also mentioned the important astrological date of 6 and 9 may in last week post where we had intimated that index , stocks will feel the wrath and call writers and put buyers will be neat gainers till 6-9 may
However the markets will continue to face selling pressure and resistance near 16300-400 levels and 34600 levels where the maximum oi and call writers stands but a viable strategy will be to now buy the dips as those who did the same last week has been flushed out and they moved into shorts for lower levels
Commodities remains a sell on rise in base metals , bullions and energy
A good oppurtunity for 800-1200 points bank nifty and 400-500 points in nifty
A good straight move for 16300 and 34400 option nifty and bank nifty
Power stocks ntpc , power grid , upl , bharti airtel , bata india for stock futures and options
We will make positions at 10.05 am in the morning in index futures and index put options and 9.30 am in stock futures and put options
