Hello reader, hope you’ve had a good weekend. Markets may start on a cautious note amid fall in SGX Nifty and overnight weakness in the US markets. But recovery in other key Asian gauges could provide some relief to investors. Adding to the recent optimism would be the robust monthly GST numbers, which hit a new all-time high in terms of collections in April, indicating that the domestic economy continues to be on strong footing despite global macroeconomic challenges. However, some amount of caution could prevail after the last week’s upsurge and it wouldn’t be surprising if profit-taking comes into play. Technically, the Nifty options data suggests Nifty is likely to be in a trading range of 17800-18500 zone.
Important points to note:
- Nifty has a key mark to cross here at 18200 levels.
- Highest OI concentration at 18200 levels on CE side with more than 1.2cr OI here.
- Nifty PSE has broken out to a new ATH level today and we can see very good outperformance from this sector now.
- Top gainers in PSE today are BHEL, REC, ONGC and PFC.
- Nifty Auto also set for a good breakout from here, out of consolidation range of 12000-13600.
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.