NIFTY - Bulls on Pole(land)!

16 Nov 2022

Nifty bulls almost boring moves in the first session. Woke up in the middle in a hurry print decent green evoking new interest. Intra-day life closing high (cut in various sessions of intra-day graph) comes around 18506. That remains one target in bulls mind, after that it is just the ATH. Overnight the continued evidence of softer data, pushes the equity up, but snapped by reports of killing in NATO member Poland border. It sent the risk off mode, Equity gave up, dollar makes smart recovery. DXY is closest to the 200 DMA since last one year. The bounce was no surprise. USDJPY moves smartly from 137.50 (that is almost 50% of the mid-way if one were to estimate the USDJPY). Trade deficit widens, but then rupee is allowed a healthy south bound travel. Fall in exports (match fall in imports) still leaving larger than expected trade deficit remains a worry. The aggregate fall can have an impact on the future GST numbers but that can wait. For the day clues are mixed, so it won't be a gap up or down day. Some spaces like GAS, few select commodities, Pharma looks interesting. Overall pick the winners is the new approach either for the bulls or the bears on individual spaces. Supports 18350-18280 Supply 18450-18480-18508-18530.