Nifty Options Data Show 17100—18000 Trading Zone: Equity benchmarks logged gains forthe week, after two consecutive weeks of decline, amid rising concerns overtapering and volatility in global-equities.
Sensex / Nifty gained in the first three days of the week (including on the day of union budget 2022). Over the last two sessions, the benchmarks fell, amid rising volatility due to tech selloff in the U.S. (poor quarterly results announced by Facebook) and concerns over hawkish tilt to monetary policy framework by the U.S. Federal Reserve. Nifty climbed up by 414 points (2.4%) to close at 17516 and Sensex advanced 1445 points or 2.5% to close at 58645.
Nifty above 17700 would aim for 18000, Bank Nifty to trade in 38300-39900; Maruti, Cipla top money making bets
For the week, we expect Nifty to trade in the range of 17800-17200 with mixed bias. The weekly strength indicator RSI is below its reference line whereas the daily RSI continues to remain bullish indicating strength.
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