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GLOBAL VS LOCAL CUES
Global cues weak but local cues strong
SBI, ITC post very strong numbers
FM tells Awaaz: SBI, LIC’s Adani exposure no concern
Strong US jobs data stokes concerns of more rate hikes
Dollar Index surges, Brent crude down
IT may fall and Banks may rally again today

ADANI SAGA: WHAT NEXT?
SBI says Adani exposure at 0.88%
Axis Bank also clarifies on exposure
Good to see proactive approach by Banks
Market is ready to now move ex of Adani
Adani group stocks could see volatility

GLOBAL CUES: INDIA IMPACT
US jobs report may puncture the IT rally
Nifty IT has still not negated a major double top
Last top on IT: Dec 1 high of 31,227 and close of 31,120
Nifty IT has now recovered exactly 50% of entire decline
Nifty IT: Next support at 20 DMA of 29,500
Metals theme is losing sheen, need to watch China

NIFTY OUTLOOK
Nifty will now see weakness only below 17,405
For today, Nifty in no trade zone
Nifty’s fresh rally only on close above 18,200
17700, 17600 and 17500 Puts
18200, 18100 and 18000 Calls
Nifty Bank will have to lead any rally for market
Nifty FMCG can be other pocket of strength
Nifty may not get much support from IT stocks

BANK NIFTY OUTLOOK
Bank Nifty has recovered over 4% from expiry day low
Bank Nifty now in a clear “Buy on dips” mode
Next resistance for Bank Nifty at 41,600
If 41,600 is sustained, even 42,000 is possible
42,000 would be a good zone to book profit
42,000 Call has highest Open Int, tough to take out

First trade of "Buy on dip" on Banks and weakness in IT played out

Lets see rest of the day

GM

STUCK IN A RANGE
Nifty directionless but signs of bottom in place
Nifty needs to close above 17,850 to force upmove
IT stocks could be ready for a fresh upmove
Reliance acting as a big problem for the market
Global cues positive, Adani factor has subdued now

GLOBAL CUES: INDIA IMPACT
Nasdaq has bounced from 10 DEMA after 2-day fall
Nifty IT also very close to 10 DEMA after recent fall
IT stocks might lead in first half of the day
Banks will decide second half after the RBI policy
Dollar Index, Bonds showing signs of more rate hikes

NIFTY OUTLOOK
Very strong Call writing at 17,800, prem Rs 56
Nifty has struggled to cross 17,850
Bigger rally will happen only if Nifty closes above 17,850
Put writing seen at 17700 and 17500
Nifty will become very weak below 17,635
Below 17,635 a test of 17,500 is also possible
Nifty IT should help in first hour of trade today

BANK NIFTY OUTLOOK
Bank Nifty needs to be seen pre and post policy
All trades on Banks should be exited before 10 am
Fresh trades on Bank Nifty only after RBI policy
Bank Nifty largely in 41,000-42,000 range
SBI’s move post numbers has been disappointing
Market lacks a trigger to break the range

RBI guv sounds hawkish.

Mkt reaction quite mature so far.

GM

Sorry missed putting setup

NIFTY OUTLOOK
Nifty closed right at the 20 DMA and 20 DEMA
Last time Nifty had a strong 20 DMA halt
20 DMA halt is a very powerful concept
Last time, Nifty fell 600 points from 20 DMA halt
((Show 17800 Call and 17800 Put in same plate))
17800, 17700 and 17650 Put
No major Call writing till 18000
Aggressive trader can sell with strict stop loss of 17,950
Profit booking zone for shorts at 17,750
Buy zone for Nifty at 17,700-17,750
Stop loss for long trades at 17,650

BANK NIFTY OUTLOOK
Bank Nifty trading between important moving averages
10 DEMA at 41,356 and 20 DEMA at 41,647
Big banks showing some signs of fatigue
Aggressive traders can sell with stop loss of 41,800
Profit booking zone for shorts at 41,300
Buy zone for Bank Nifty at 41,250-41,300
Stop loss for long trades at 41,000

It's already played out though 🙏

Both Nifty and Bank Nifty approaching profit booking zone for agressive trades

Both swings have played out today. First on downside and now on upside and exactly from same levels.

Hope people had good trades