Well the OI in Nifty futures was pretty much unchanged from previous levels. Sectoral churns as usual and VIX a shade below 24 yet. Critical levels and outlook remain unchanged from Friday's posts. The way BNF bounced back from the lows of the day is amazing. [The free flow of liquidity from central bankers almost always finds its ways into stocks/commodites and not translate into business credit as outlined in the weekend update!]
For upside: Resistances remain at 5408-5440-5480-5532
2 consecutive closes over 5408 will in all likelihood test 5532 on the upside
For Downside: Initial signs of weakness below 5325 and 2 consecutive closes below 5280 can retest the crucial support band of 5032-5092. As mentioned on Friday, expecting the crucial band of 5177-5196 to hold on closing basis until 16th Feb EOD.
8 sessions to go prior to expiry day and action on either side can be anticipated.
Are markets out of the woods - I don't think so but still no clear signals of danger; the longer markets take to correct, the sharper will be the ensuing correction.
For upside: Resistances remain at 5408-5440-5480-5532
2 consecutive closes over 5408 will in all likelihood test 5532 on the upside
For Downside: Initial signs of weakness below 5325 and 2 consecutive closes below 5280 can retest the crucial support band of 5032-5092. As mentioned on Friday, expecting the crucial band of 5177-5196 to hold on closing basis until 16th Feb EOD.
8 sessions to go prior to expiry day and action on either side can be anticipated.
Are markets out of the woods - I don't think so but still no clear signals of danger; the longer markets take to correct, the sharper will be the ensuing correction.
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