Despite positive cues on GST rate reduction, Nifty could not move up and lost 1% and closed below 10240 a crucial level.
We can see Nifty future drifting down to 10120 in the next few trading sessions. The whole week is likely to be bearish. We believe 10120 to be a strong support for nifty to come back to 10300.
If 10120 is breached on a daily basis, then we may have a big sell off up to 9900.
On bank nifty one can expect 24600 if 25150 is breached on spot.
Buy 10100 PE if Nifty spot is below 10240 and exit when it reaches 10100.
Do not expect any relief in this week for CEs and any long position as market is in the tight grip of bears.
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