Global markets showed wonderful recovery from -2% and turned positive after Fed announced corp bond buying.
Nifty50 Technical Setup
Yesterday, Nifty50 saw a witnessed heavy selloff on opening but took a support around 9735 and jumped 140 points during intraday.
Support: 9600, 9720
Resistance: 9950, 10020, 10150
Bank Nifty Technical Setup
Bank Nifty Supports: 19720, 19350
Resistance: 20050, 20300, 20730
FIIs Position
Yesterday, FIIs have increased short positions on Index and again sold heavily (-2960 cr) in the cash market.
FIIs are constantly decreasing their stock positions and increasing their short position is negative for Indian markets.
We have a strong resistance at 10330 and good support at 9600, for this Jun series we would likely to trade in this range.
Nifty Weekly Expiry Range
9735-10250