Good Morning Friends,
It looks like new margin rules is showing its impact. So far, market is hanging higher. Above is daily charts which is almost unchanged but intraday chart may not be as firm as daily chart.
There are few key supports and resistances. Support is in the zone of 15650 to 15600 levels. We may assume Friday's low of 15622 as mean support levels. On higher side, Nifty has room for 15800. Derivative positive is suggesting that Nifty may not move much on higher side immediately.
In my view, we may have limited trading opportunities in this 200 points zone of 15600 to 15800. It gives me a sense of range bound market. Do not over trade in this zone.
Let us see how market shape up. I have no position. I may prefer to wait longer before initiating any trade. On other side, there are opportunities in many stocks.
Happy Trading,
Praveen Kumar
