Nifty opened gap down on Monday after witnessing a huge down side on Budget day. Index recovered from a low of 11614 and most of the time traded in the positive territory during the day. If Nifty does not revisit 11614 during the first of Tuesday, then it is confirmed that this could be the low for the week.
Nifty has multiple resistances as it moves up. 11802,11832,11886 and 11929. Since all these supports have been broken on a single day, it would be unreasonable to expect a big bounce back.
With RBI Policy outcome due on 6th February 2020, the above levels are likely to act as stiff resistances.
Trade with extreme caution as both PE and CE likely to give very limited returns.
Range for the day : 11640-11802. BN 29850-30400.
Good Luck!
PS: Those looking for positional trade may contact me. Intra day trades leads to disappointment and stress.
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