Nifty Consolidation around 17200, breakout tomorrow to 17670?

24 במרץ 2022

Nifty has consolidated for past five trading sessions around 17200, closing just below R3 resistance. A gap up is indicated tomorrow so R3 will act as a support. Other supporting factors are --Drop in Crude prices below 120 levels, Continued buying support of FIIs (if you exclude kotak block deal of 5000cr) and DIIs today. 350cr net buying today (despite block sale deal mentioned above). PCR is 0.96 for next expiry. VIX has dropped by 3.3% to 23.93. Biden might be able to broker a deal --that is an unknown news factor which could affect the markets. What do you think?