Good morning friends,
We saw Nifty again topping at 17430 resistance levels. To be precise, high was at 17436 levels which as a result of pull back after initial fall. This is remarkable that it hit another new life time high yesterday but hardly noticed.
Yesterday's move has confirmed that 17430- 17436 is decisive resistance. As long as it is not making another life time high, this market will be under threat of profit taking.
What's key for the day?
Tomorrow is derivative expiry. This can be possible spoil sport for either bear or bulls or may be both. I am expecting a day with full of intraday swings. On higher side 17430 may also be again under test while on lower side, it can it may test 17300-17280 support band.
For investment, I feel terrible looking valuations.
Happy Trading,
Praveen Kumar
