NIFTY could not hold on to the gains made last week and closed below 16100 yesterday. With the CPI data coming in a bit lower than the last period, there can be some sentiment positive in the market. However the fact that the CPI is still above 7 percent is a cause of worry for the markets, especially for the banking space. We may see an opening with a positive bias but need to be cautious about NIFTY if it is not able to sustain 16100 levels which is an important zone from an FnO data perspective. If NIFTY starts trading below 16100, we can see the index moving to lower levels.
Important levels for the day are mentioned below
Bullish Above 16120
Possible Upside Targets -16160/16210/16280
Bearish Below 16100
Possible Downside Targets - 16040/16000/15980/15940 levels.
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.
Important levels for the day are mentioned below
Bullish Above 16120
Possible Upside Targets -16160/16210/16280
Bearish Below 16100
Possible Downside Targets - 16040/16000/15980/15940 levels.
Disclaimer:
The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.
Trade closed: target reached:
All downside targets done
