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Till the time the Nifty does not surpass the 19,550 – 19,600 level on a closing basis, one should avoid being complacent and ideally, it’s better to avoid aggressive trades, according to experts
Analysts expect Nifty to consolidate between 19,900-19,200. A move above 19,600 crucial for optimistic scenario; below 19,300 may reinforce selling pressure. Bullish setups for REC Ltd, PFC, Idea, and Divislab; short buildup for Britannia, ABFRL, and Dixon.
Plenty of data to be announced by the US this week including those on trade balance, CPI, initial jobless claims, wholesale inventories and consumer sentiments. The UK will declare industrial production, manufacturing production and GDP data. China will announce its FDI, CPI, producer price index (PPI) and trade balance data
For optimism to return to the markets, a move above 19,600 and a calm international scenario are essential. There is ambiguity in the markets. Experts suggest caution at every step.
Options data highlighted an intriguing battle between call and put writers around the 19500 levels. At 11 am, the Sensex was up 318.00 points or 0.49 percent at 65,558.68, and the Nifty was up 95.50 points or 0.49 percent at 19,477.20. About 2028 shares advanced, 949 shares declined, and 115 shares unchanged.