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Nifty moves in broad consolidation now.

Points to be noted for today's trade;

  1. Daily RSI stretched to above 70

  2. India VIX over 24

  3. PCR not showing favourable

  4. Global clues not good

  5. Metals stocks can drag the market more downwards.

  6. The levels of 14470 and 14535 will act as resistance points

  7. The supports come in at 14380 and 14300 levels

We recommend finding fresh short opportunities with strict stop-losses in place as the markets are showing distinct signs of broad-ranged consolidation.

A highly cautious view is advised for the day.


Neeraj Bhatia

Managing Director

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