Index levels & Views for 9 Aug
Nifty Spot at 11032
Resistance at 11140/ 11190
Support at 11015/ 10920
BankNifty closed at 28110
Resistance at 28550 / 28820
Support at 28170 / 27890
View: - Not Bullish for today. There was a rally in 2nd half yesterday and we are up today in 1st hour. We are approaching resistance levels on Index, but currently not looking to sell because Its just few hours of rally and too early to sell and everyone might b stuck with their sell positions as well. With FPI / FII meeting today post market, we may not rise / fall much.
Trade today is more about position adjustment now for bears to consolidate some positions and exit shorts.
View today - lets wait it out and not trade in Index, with some news expectations and stuck positions in market. Index is in no trade zone today.
I will update on a change of view based on action post market open.