SHORT COVERING DAY?
Global markets showing signs of selling exhaustion
Back home, Bank Nifty defending crucial levels
This is not the zone to take fresh short positions
Bigger money will be now made on upside
On larger time frame, 16,800 is a great level to buy
Broader market has now good value in individual stocks

GLOBAL CUES: INDIA IMPACT
Bitcoin up over 20% in 2 days
Dollar Index cools off, Rupee resilient
Nasdaq managed to close above 10 DEMA
Nifty IT oversold, a big bounce is due
Fed’s next week’s meeting now most important

TRADE SETUP
DII Net Buy 2,121.94 Cr in Cash (7,024.22 - 4,902.28 Cr)
FII Net Sell 3,086.96 Cr in Cash (6,737.37 - 9,824.33 Cr)

FII in F&O
#Date: Mar 14, 2023 #Source: NSE
FII Net Sell 1,480 Cr in Index Futures

FII positioning
Long: 13%
Short: 87%

Nifty PCR at 0.69 vs 0.71

NIFTY OUTLOOK
Nifty’s “Sell on rally” texture has worked well
First gap up might again see some selling
The most important level today: 17,181
If Nifty starts trading above 17,181, exit shorts
Above 17,181 and 17,242, Nifty can see huge covering
Traders must respect screen and levels today
Any longs should have first hour low as stop loss

BANK NIFTY OUTLOOK
The most important level today: 39,785
If 39,785 is rejected, go short
If 39,785 is crosses, go long
Risk-reward in individual Banks turning favourable
Investors must use this dip to top up