Nifty Range bound between 16900-17500

2 Nis 2023

NIFTY
Nifty has closed above MA100 and MA50 and looking at MACD, it confirms a bullish view. There has been huge, short covering over the last week and the range now has broadened and the expected trading range is 16900-17500. It will be range bound if indices are between this range. If it breaks the lower or upper circuit of range 16900-17500, the market is expected to take a directional view. VIX has also come down drastically, which also signals the possibility of profit booking at higher levels. Please be cautious as Nifty heads towards 17500 levels as there could be heavy profit booking at these levels. Better to hedge position.

3 Nis 2023

İşlem aktif

Nifty was trading range bound as analyzed. Tomorrow being a holiday (no trading day) trading is to resume on 6th April. Traders who have open sellers will greatly benefit due to theta. For positional trades, wait for Nifty to cross the range (16900-17500).
Note: On the 6th of April at 10:00 AM, RBI is to declare an Interest rate decision. The expectation is an increase in interest by 25 basis points and the possible announcement of further curbs on rate increments. Though this is a critical data point for stock markets, a possible 25 basis point increment would have little impact on Wednesday.