Nifty continues the positive momentum in a very short term for the third consecutive day as buying from lower supports keep bulls in charge. Though, we still believe the indices persist such as Nifty and Sensex is trendless at present as most momentum indicator that defines the trend are sideways. Nifty needs to breach the upside resistance placed at 10970 – 10980 as that is the point of inflection for bulls to resume its bullish trend. Beyond that point, 10980, we expect short covering along with fresh money moving in the market. Hence, the contraction we have been seeing since last few weeks still remains with a very range bound action.Post budget, all eyes are on the RBI meet which is scheduled this week on Thursday. RBI post US interest rate hike cycle has kept its stance calibrated tightening and it is important to see the current stance. Since we already have a probability of two rate hikes by The US fed reserve in 2019 and with current changes in budgets, the fiscal target it would be important to see how RBI takes the stance for 2019.
Nifty may see a sustained trend once it is closing above 10970 marks. Till then, we believe market to be options writers’ hand.
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