Hi All,
As expected, after bouncing back from the
said support of 6950-6960 and surpassing 7020 on the way up, Nifty zoomed in to
the positive territory giving a total bounce of almost 150+ points.
As mentioned earlier, the bias for markets
was positive for yesterday and is likely to continue for today as well, SGX
Nifty is already up by almost 50 points (Pre Market up by ~70 points), however
an hourly close above 7150 and then surpassing the crucial levels of 7175-7220
will be crucial for any further upside.
On the lower side supports can be found
near 7030-6985-6950-6910-6850 levels.
On the India Vix front, the daily chart RSI
of volatility has taken a resistance near 60 mark, which is a bullish sign
going forward, and breaking 20-20.5% mark could mean a further cooling off of
the volatility for some time at least.
So, in a nutshell, the markets will trade
with an in principle positive bias, and I will update the levels after the
first hour of trade if required. However it is advisable to wait and watch for first 15-20 minutes before taking any trade for the day.
Cheers
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