Nifty breached the first resistance of 17693 effortlessly today with some power buying by FII (1274cr) and DII(533cr).
The next critical resistance is at 18032 which could be threatened tomorrow.
PCR remained firmly at 1.51 with option writers comfortably writing put options and expecting a bull run. There is so much firepower and with a strong rupee there is little to be worried about it seems. Wide CPR tomorrow will provide a solid downside support. Markets could breathe a bit but nothing looks worrisome at this time. (sans covid third wave which seems to be expected and so factored in?)
Let us see how markets go tomorrow ...
The next critical resistance is at 18032 which could be threatened tomorrow.
PCR remained firmly at 1.51 with option writers comfortably writing put options and expecting a bull run. There is so much firepower and with a strong rupee there is little to be worried about it seems. Wide CPR tomorrow will provide a solid downside support. Markets could breathe a bit but nothing looks worrisome at this time. (sans covid third wave which seems to be expected and so factored in?)
Let us see how markets go tomorrow ...
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