Support- 16350-16400
Resistance- 16800
This week will be event driven and market will be volatile. On weekend 4 biggies of nifty Reliance, Infosys, Kotak bank and ICICI bank posted their result and we will see their impact today. Federal Reserve will increase rate of interest on Wednesday by 75 basis points(probably) but focus will be comment from Jerome Powell on inflation, GDP growth and employment ahead. Crude is in comfortable zone for now but still has to come down so that inflation won't increase. This is also monthly expiry week for F&O. This is why this week will be very crucial.
Technically, Nifty likely to open with small gap down today. On lower side, 16350-16400 will be support zone where traders can find buying opportunity. On higher side, 16800 will be resistance where profit booking can be seen. Most probably sideways market we will see today. Trade with caution as there will be event driven volatility.
PCR is at 1.4 which is slightly overbought and FIIs position is at 45%
