Profit booking seen in Dow Nasdaq from recent highs
SGX Nifty is indicating a flat to mild positive opening for Indian markets near to Monday’s closing.
US market futures are trading flat in early trade
Nifty levels based on chart
Nifty likely to open near resistance zone of 17430 with resistance at 17499 and support at 17380
Bank Nifty levels based on chart
Bank Nifty is comparatively strong support at 40660-80 resistance at 40920 Bank Nifty may lead recovery if any lead by HDFC and PSU banks.
Nifty levels based on OI
Nifty has strong resistance at 17500 and 17700 based on OI support at 17300
Bank Nifty levels based on OI
Bank Nifty support at 40500 and resistance at 41000 based on OI
FII data Analysis
Retails have carried long positions while FIIs and PRO have carried shorts indicating that after flat opening there would be some selling pressure
Conclusion
Markets today will be sell on rise unless the Dow recovers and eyes on Bank Nifty Recovery if any will be lead by HDFCBANK and PSU banks as mentioned earlier
Good morning and Have a profitable day ahead !!!
