There is a string of good and bad news. Market opening will tell which way we are leaning. Without taking into data, technical levels etc., I am bullish.
Crude Oil and Rupee above $70 is bad for Indian Markets. Crude tumbled to $62 sharply and Rupee is also in safe zone at 69.70 range.
I have been saying all along that BJP's win is good for the markets. We are just consolidating before making a big move. It has created an environment of decisiveness.
On global front, Trump has escalated the trade war with China. US has recently announced tariffs on Mexico. Locking horns with India and is issuing statements on Brexit. which is not helpful. It has been happening for a long time now and I think market has grown accustomed to these threats.
RBI Monetary Policy is scheduled this Thursday.
As far as technical are concerned, we are still bullish on daily and 2 hourly charts. On 30 minute charts we are sideways and not yet bearish.
There was not much activity on Futures but the option data is bearish as of now.
Upper Level for Nifty is 11960 and Bank Nifty is 31500/31700.
Lower level for Nifty is 11870 and Bank Nifty is 31200.
If one looks at SGX Nifty then we might open a little up today.
Data is contradicting each other and underlying bias is bullish. Given the uncertain conditions, I will look to enter into calendar spreads.