Support-16350 Resistance-16800 US market is rising without an | Stock Shiksha
Support-16350 Resistance-16800
US market is rising without any significant fundamental trigger and this is somewhat surprising. Today, ECB will release its monetary policy and most probably will increase rate of interest. In US jobless claims data will be released which will further show how much probability is there for recession. Crude is slightly strong after Biden's visit to middle east.
Technically, 16350 is support where traders can look for buying opportunity. On higher side, 16800 will be major hurdle where profit booking can be seen. Nifty is little bit overbought at this level so trade with caution on weekly expiry day.
PCR is at 1.4 but on expiry day its irrelevant to some extent. FIIs buying is continued and has reached to 28% net long position.
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