Oct 2, 2022

As part of our analytics offering , we are now making heatmap for all indices , we have started with nifty as of now and we update this on 3 – day or weekly basis for positional trades. Please review the page here (analytics page from the main menu ).

As we have been writing all along that Nifty has been struggling below 14580 and bounces back around 14200 – 14250 levels. One important factor clearly seen in momentum trades are bearishness on banking stocks. Post HDFC results there was some rally but profit booking came in quickly. ICICI bank has shown good numbers but the advisory on post covid related issues in Q1 / Q2 and the probable losses from the retail and SME banking portfolio will hurt the NPA numbers of all leading banks . ICICI as a group however has been able to gauge good business from its subsidiaries .

Nifty has seen a consolidation in the range of 14,800 and 14,250 with big gap downs , this means when and if short covering or fresh buyings comes in the index can rally straight upto 14,800 to cover all major gaps ,but this looks a little ambitious as of now.

For April 26 week , the market will see option trades unwinding as its the monthly expiry week and hence large cap stocks will remain under pressure . If you have any long position , buy your self a ATM put for nifty as an insurance against the market . My 90 day charts suggest nifty will bounce back to 14,800 and 15,000+ levels before monsoon kicks in but we are waiting for proper combination of signals to publish the report on the same.

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