1. U.S Markets closed higher Yesterday.
2. All the Indices closed a percent higher.
3. Asian Markets are mixed.
4. SGX Nifty is up 20-30 Points.
5. Yesterday as soon as the Markets opened the selling began.
6. Nifty broke the support of 17800 and the selling accelerated.
7. It tried to recliam 17800 twice during the day.
8. Ultimately closed lower.
9. Later in evening news came out regarding Inflation numbers.
10. Inflation numbers came higher than expected for January.
11. Retail Inflation came at 6.4% vs 5.8% (Expected)
12. From last 5 trading sessions, Nifty has been trading in the range of 17700-17900.
13. We are in a ranging market.
14. In Ranging markets , risk-reward favours in buying the collapses and selling the rallies.
15. Look to buy near 17700 with a 50 point stop for targets of 17800 & 17900.
16. Look to sell near 17900 with a 50 point stop for targets of 17800 & 17700.
17. Expect this range to continue for a while now unless we have any fresh triggers coming.
18. India VIX is at the lowest level of 13.
19. Premiums for FEB series are also untra low.
20. Today ins FIN Nifty expiry so we might have some erratic moves.
21. We have 8 trading sessions remaining for FEB series now.
22. Nifty might trade between 17700 to 17900 today.