Sharma noted that the GST Day Gap was filled. The Nifty tested the 24,500 Mark in the morning before he bounced back on Intraday cards. “Before the passage of today, Bears dominated the market, especially because foreign institutional investors (FIIs) are taking short positions,” he said.
According to Sharma, the 24,600 level is important for the second half of the trade session. “If we stay below, we can visit 24,500 and possibly 24,450 again. On the other hand, if we succeed in keeping up the next one and a half hours above 24,600, there is a good chance that we can rise to 24,750 by the end of the day,” he added. Sharma emphasized that volatility will probably continue during today’s big course, whereby the current market setup prefers the sale on increases.
When discussing the performance of the sector, Sharma pointed out that the PUT-Call ratio of Bank Nifty recently reached a low point of one year. This suggests that the morning sale may have been an overreaction. “At 54,000, the risk-reward is not favorable for new short positions. Even if you don’t buy, that’s okay, but any bouncing can lead to a significant recovery of 800 to 1,000 points,” he said.
He added that if it applies 54,220 level up to 2 p.m., Bank Nifty could be a strong candidate for short coverage, possibly end the day in a positive area.
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Sharma advised investors to take things one for a while, especially with the short trade week and the recent rate -related news from the market, which he thinks is already priced. “Every short -covered triggers must be closely viewed,” he said, concluding that clarity can only be in the last hours of the current session times.
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