Hello reader, hope you’re doing well. Missed out on the blog post yesterday as it was a day off for us. Picking up from where we left off, both Nifty and Banknifty after getting into the oversold zone, we’ve seen a cool-off, with a small bounce yesterday from those levels. 17300 has been held on Nifty which is a key double bottom level for now.
Important points to note:
- With today being the first expiry of the March series, extra volatility is something to keenly watch out for.
- India Vix is again at the previous bottom level, further bounce can be seen from here post consolidation.
- A major resistance point for Nifty to cross would be 17400-450, plus the highest OI concentration is at 17400 on the CE side.
- Stronger sectors remain the same – PSE and Auto.
- Stay away from IT sector for a while, a good correction is expected here.
As always, risk management is key, 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.