Support- 15700-15750 Resistance- 15950-16020 JP Morgan says t | Stock Shiksha

Support- 15700-15750
Resistance- 15950-16020

JP Morgan says there will be rebalancing in different asset classes and US equity will get inflows which can be the reason for 7% rise in US indices. The report also says there is now less possibility of recession as inflation is expected to fall sharply in upcoming months. Secondly, US Michigan inflation expectation reading has fallen to 5.3% from 5.4% in previous month. These two triggers are positive for stock market. This is why there will be huge gap up today in Indian market.

Technically, 15700-15750 will be major support after gap up opening where traders can go for buy side position with stop loss below 15700. On higher side, 15950-16020 will be resistance zone where profit booking can be seen. Closing above 16000 will be important for upside movement and we can see rally toward 16200 where gap will be filled and traders can go for short side position too. PCR is at 1.03 and FIIs position in index stand at 25% percent which is neutral