@AlliesFin
Nifty expected to open flat post some givebacks into resistance zone. Watch for a daily range of 11450-11553 for a direction for next week.
Bank Nifty that is due to take leadership is taking more time to moveout of resistance zone, watch for a break above 22545 for rally to start.
US stocks on Thursday ended the day with losses as Fed Chair warning of an anemic recovery offset the dovish outlook to keep rates low through 2023 and investors digested the same. Most indices fell anywhere between 0.45% to 1.25%
US dollar index fell below 94 to trade near 92.85, vix remained flat just above 26, 10 year also traded at 0.68.
Crude futures moved up further as weakness in $ and supply disruption weighed on the sentiment. Brent moves above 43, WTI traded just below 41.
Watch for an indication of break above 22545 in Bank Nifty and Nifty break out above 11633-11750 next week for direction. Till that point a volatile grind in the range for index may continue.
Continue to focus on individual names to outperform the index. Autos, Metals, banks along with some sporadic bounce in pharma is the preferred trade.
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By: via @AlliesFin Serve Stock Market
