The Bulls were under control today. The market closed near the high indicating strength. The broader market ended strong. Midcaps staged a rebound. FIIs have increased their long positions on the Index. There is a huge PUT buildup at 16300 indicating further strength. There is no reason to short this market. We could see the market scale new heights before Independence day if all goes well globally. Right now the DOW is trading in mild red and if it ends in green we might see another positive day tomorrow. We are heading into a shortened expiry. Coming Monday is a holiday and the expiry is on Wednesday as Thursday is also a holiday. That is why the option prices are quite low.
Bulls to control above 16345. Targets on the upside are 16369, 16400, 16431.
Bears to control below 16320. Targets on the downside are 16293, 16269, 16241.
- Moderately Bullish
- Moderately Bearish