Short Market Report 24.03.22

CHART Nifty green candle with long top wick; banknifty reverse spinning red top; both indices closed in RED
OC. 17200-17500; 35500-36000
PCR. Nifty Bullish; Banknifty bearish
FII. -1740
DII. 2091
FnO Data short build up
RSI. 55; 47
ADX. 18:19
Conviction neutral; expect range bound action
Bias. Nifty neutral; banknifty bearish (not able to hold the highs)
Int. Markets green
TRADE. delta neutral strategy; Metals, IT and Pharma on the bullish side

> Nifty is bullish because Reliance, TCS and Info are performing
> Banks are dragging
> DII buying more than FIIs; but buying happened in Nifty stocks and not in banking stocks; huge chunk of FII selling is only in Kotak Bank
> 17000 acting as a beautiful support; nifty will be bearish if we gat a day closing below 17100 which will take out 17000 on the next day
> banknifty may drag further as we are trading very close to the support