Support- 15700-15750
Resistance- 16000(first) and 16200(second)
Today CB consumer data will be released in US market in the evening which important data. This data shows what average consumers think about economy. Higher rating is positive while negative data is bearish sentiment trigger. Crude price again showing positive price action after fall. GST meeting will be held today which will have stock specific impact.
Technically, 15700-15750 will be support zone after gap down opening. In this zone traders can go for buy side position with stop loss below 15700. On higher side, 16000 will be resistance where profit booking can be seen. Fresh short can be made too there as maximum call OI is there. Sustainable move above 16000 will trigger short covering and we can see upside to 16200.
Nifty PCR is at 1.03 and FIIS net long position in index is at 23% which is neutral.
