Today could be the most important trading day for this series. The weekly close was positive as we closed above last week VWAP. If we are able to close above 16440 this week, it would make a temporary bottom which should work for the time being.
#Nifty. We are expecting a flat opening though we still feel we should open gap up. Support for Nifty is placed at 16170 and resistance at 16400.
#BankNifty. Support is placed at 33700 and resistance at 34800.
#Derivative data. Data buildup is super strong with heavy long build up in Index and Stock Futures and also net long in call options.
Clear buy on dips.
Regards