Hello reader, hope you’ve had a good weekend. Nifty has opened with a gap up, bolstered by a positive performance in the SGX Nifty and the US markets on Friday. The benchmark Nifty is expected to reach the psychological level of 17,000 again, although traders should be cautious of potential fluctuations throughout the day, as other Asian indices may be vulnerable to global financial concerns. Investors will keep a close eye on Deutsche Bank, one of Europe’s largest financial institutions, which saw its credit default swaps skyrocket and shares drop by 3.11% after announcing the redemption of $1.5 billion in tier 2 notes due in 2028. On a domestic front, corporate India’s earnings may be under significant pressure due to rising inflation, economic downturn, and escalating interest rates. From a technical standpoint, Nifty’s support level is at 16827, and a surge in strength can be observed above the 17465 level.
Important points to note:
- Nifty’s key support levels at 17000 and 16800 mark for short term.
- Highest OI concentration at 17000 PE levels which should be a good pivot point for the markets.
- Good investment bets for longer term can be taken at these levels.
- Stronger sectors overall would be PSE, bigger banks like SBI and Canara Bank in PSU, Auto and FMCG.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. 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.