Trump continues with his levies and that is impacting the global markets even as we await our turn. The Nifty is pointing to a softer start for the day and if prices go below the 25100 levels, then we may see more declines. Bank Nifty is better but only slightly more so. So, the main point here is to look for weakness first and then in its absence look for strength to return.
Today’s main result (HCL Tech) is post market and that will seek to either set the weak trend in IT set by TCS or create some reversals.
Market may choose to now widen its focus on other results so we should do likewise and be less hung up on where the index is headed. Unless, the indices move big time. Best is to look for day trades in indices and for look for better plays in stocks where results spikes may drive multi day plays.
Put selling is at 25000 and that will get defended but series of strikes with call shorts will pose resistances as well. In Bank Nifty very large put short at 56000 will ensure good defense while 57000 will pose a hurdle.
From stocks, Dabur, SbiLife, Paytm may continue the good work of last week while Asian Paints looks to have run out of steam and Hdfc Life is hitting some skids.