BankNifty contract is up for expiry tomorrow. Over the last few weekly expiry's it has been noted that the index generally moves more than 200 points in one direction on the expiry day. We expect to take advantage of the volatility.
The upside bounce back in Nifty of yesterday’s session could be cheering factor for bulls to make a comeback. Unless Nifty surpasses above the key overhead resistance of 8350 levels decisively, the possibility of negative impact could be hanging on.
India's Benchmark Nifty opened at 8391 this morning and traded in a range of 35 points. The Index went on to make a high of 8417 towards the end of the day's trade before closing on a positive note at 8407.
The underlying short term trend of Nifty is positive and some more upmove is likely for near term. The next upside levels to be watched is around 8500-8520, which is going to be an important trend decider for the market ahead.