Expiry day trade was very dull without any big move and finally ended at 12355. Since Wednesday Nifty has been moving in a narrow range and the up side move lacks conviction. PEs have been butchered and if market reverses we can see PEs paying huge returns as nifty is likely to undergo a correction of minimum 300 points.
12421/27 is the point of reversal for Nifty. Be cautious on longs. A big global negative cue is likely to come during next week to initiate a fall in the market which is already indicated in the charts.
Good Luck!
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