Hello reader, hope you’re doing well. Today should be a pretty exciting day considering we’re just a day away from the penultimate expiry of the February series, along with price action finally showing a little bit of signs of a trending move which can play out in the near future.
Important points to note:
- Nifty after more than a week’s long consolidation has finally closed above 17900. Sustaining above it will be key for more momentum.
- Reliance has given a good bounce from lows, and a move above 2470 will help scale much higher.
- PCR has increased and moved upto almost 1, which is a good sign for bottoming out, but an upmove should follow up to confirm the same.
- Maruti Suzuki in auto looks strong, a cross above 8900 will give a good breakout for higher targets.
- Banknifty for some reason seems to still be in a consolidation phase, crossing 41800 will be key for more upside. Keep an eye out on HDFC bank and ICICI bank for breakouts, these two will bring in some good momentum being large cap stocks.
Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.