Support-16350 Resistance- 16800 US indices are consistently r | Stock Shiksha

Support-16350
Resistance- 16800

US indices are consistently rising in the hope of lower inflation. Risk of recession is also seems far away as corporate earnings don't show any slowdown in economy. ECB has hiked rate by 50 basis but it was expected event so there is no worry. Crude has fallen again which is good for Indian market.

Technically, 16350 is support and 16800 is resistance. Near support one should buy and near resistance one should sell. And now its in no trading zone in my view. Trading with strict stop loss is recommended because sudden change in direction can be seen from here ahead of FOMC meeting next week.

PCR is 1.4 which is slightly overbought. FIIs position is at 40% now and its neutral.