Short Market Report
Nifty formed a standard bullish candle while bank nifty formed a spinning top with a long bottom wick in view of the massive recovery in the second half. Even though in the end there was some profit booking, the consent stays bullish overall. Option data suggests some bearishness but the market might just focus on the excellent results posted by HDFC bank. In fact, other banks are likely to post similar results, although that's owing to the inhuman pressure given by the banks on their employees. 18200 and 38000 have become string supports in Nifty and Bank Nifty respectively as suggested by EOD data.
Yes, market is over stretched and option data suggests some bearishness or correction about which I have been talking about. But the sentiments is very bullish which is suggested by another set of option data.
In short, expecting a gap up and rally tomorrow riding on HDFC bank results. You may call it over optimistic and I won't deny that.
Trading Idea: Don't short the market unless crucial supports are broken. 18300 ce and 38400 ce can be bought if our view becomes correct.
Results on January 17: UltraTech Cement, Angel One, HFCL, Sonata Software, Tata Steel Long Products, Tatva Chintan Pharma Chem, Advik Capital, Arfin India, Artson Engineering, Bhansali Engineering Polymers, Fineotex Chemical, Goodluck India, Hathway Cable & Datacom, KIC Metaliks, KP Energy, KPI Global Infrastructure, Maharashtra Scooters, Moschip Technologies, Poddar Pigments, Tiger Logistics (India), and Vikas EcoTech will release quarterly earnings on January 17.
Nifty formed a standard bullish candle while bank nifty formed a spinning top with a long bottom wick in view of the massive recovery in the second half. Even though in the end there was some profit booking, the consent stays bullish overall. Option data suggests some bearishness but the market might just focus on the excellent results posted by HDFC bank. In fact, other banks are likely to post similar results, although that's owing to the inhuman pressure given by the banks on their employees. 18200 and 38000 have become string supports in Nifty and Bank Nifty respectively as suggested by EOD data.
Yes, market is over stretched and option data suggests some bearishness or correction about which I have been talking about. But the sentiments is very bullish which is suggested by another set of option data.
In short, expecting a gap up and rally tomorrow riding on HDFC bank results. You may call it over optimistic and I won't deny that.
Trading Idea: Don't short the market unless crucial supports are broken. 18300 ce and 38400 ce can be bought if our view becomes correct.
Results on January 17: UltraTech Cement, Angel One, HFCL, Sonata Software, Tata Steel Long Products, Tatva Chintan Pharma Chem, Advik Capital, Arfin India, Artson Engineering, Bhansali Engineering Polymers, Fineotex Chemical, Goodluck India, Hathway Cable & Datacom, KIC Metaliks, KP Energy, KPI Global Infrastructure, Maharashtra Scooters, Moschip Technologies, Poddar Pigments, Tiger Logistics (India), and Vikas EcoTech will release quarterly earnings on January 17.