We Have Some Good News!
India’s benchmark Nifty closed around 10792, approximately 71 points below the day’s opening price of 10863. Although Nifty has formed a bearish candle in the daily timeframe, markets might bounce back tomorrow as the US President Donald Trump was quoted saying in Hanoi, “I think hopefully that tensions could be coming to an end”. In the event of a settlement, Nifty might witness a sharp bounce back tomorrow. More importantly, the Saudi Foreign Minister is scheduled to arrive in Pakistan tomorrow. The latest developments are strongly indicating that tensions are likely to be de-escalated. Going forward, if situations improve, Nifty is likely to find support around tomorrow’s range low.
Observations For Tomorrow
Nifty traded in a range of 77 points today. The index closed near the day’s low due to ongoing tensions at the border. In a surprising statement, President Trump has hinted at an end to the ongoing tensions. Going forward, if the border tensions de-escalate, Nifty might find support around tomorrow’s range low. If the index trades above tomorrow’s range high, it is likely to scale up to 10910 approx. On the other hand, if Nifty trades below tomorrow’s range low, it might scale down to 10759 approx.
Observations In The Hourly Timeframe
In the hourly session, Spot Nifty has closed around 10793 approx. The index is likely to find resistance around tomorrow’s hourly range high. If Nifty trades above, tomorrow’s hourly range high, it is likely to scale up to 10883 approx. On the other hand, if Nifty trades below tomorrow’s range low, it might scale down to 10743 approx.
Bank Nifty Options Data