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If the actual results throw in a surprise, not aligning with popular expectations, the market could face an abrupt fall. Prudence demands that a portion of the portfolio be hedged.
Buying interest is picking up in HDFC Life at 580 and 600 strikes in calls for the June series, indicating positive momentum.
Immediate resistance at 23,000 where the Nifty is likely to take a breather for a couple of days before resuming the uptrend for 23,500.
Bank of Baroda May futures witnessed a long open interest addition of 2 percent. Unwinding noted in call writing positions at 260 and 265 strikes for the May series indicates weakening resistance at higher levels.
The immediate resistance for Bank Nifty is at 48,300, above which momentum will pick up towards 48,600/48,900. On the downside, supports are at 47,740 and 47,400 for the week.