Consolidation Phase (20th April 2023)

1. U.S Markets closed mixed yesterday.

2. Right now , U.S Futures are trading lower.

3. Asian markets are mixed.

4. SGX Nifty is indicating a gap upof 40-50 points.

5. Yesterday Nifty once again touched 17600.

6. Yesterday as well it was a Consolidation kinda day

7. Market opened on a flat note

8. Was rangebound throughout the day.

9. Bank Nifty underperformed Nifty yesterday.

10. Today is the weekly options expiry.

11. I expect a ranging sort of expiry today.

12. 17600 to 17700 to be the immediate range.

13. For monthly expiry, highest open interest is seen at 17500 & 17800

14. 17500 PE in the monthly expiry has highest OI

15. Followed by 17800 CE.

16. Expect markets to trade within this range for the Month.

17. Yesterday we closed near 17600 and this is almost the lower level of the range.

18. Risk - reward favours in buying near the lower end of the range.

19. Nifty might trade between 17500 to 17800 today.

20. stockmarketadvisory.in

Comments

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