Nifty is so far flip-flopping in 100 points range, and as events are shaping up I hope 20 April and May 1st week will play a crucial role to give some direction. So far Fiis too are shuffling their positions in FnO segment and hedging their positions.
On Nifty Futures charts there are 3 gaps which are looking to get filled in the coming days, one gap is on upside which might fulfilled today, and two downside gaps are pending. Looking at the current structure I hope a nice play on futures is to short in 5370-80 range for the gap filling target.
Interesting Sugar Pack:
Sugar Pack again has made some decent moves recently and can be a nice play for 2-3 days.
Here are some interesting formations in two sugar pack stocks:
Bajaj Hind:
Stock is currently in Ascending triangle formation, a bit far from Apex but can break upside if takes out 140 with volumes. If fails we have a downside opportunity as well as we are on the verge of upper resistance line.
Balrampurchini
A fast paced W shaped recovery has been impressive, will be interesting to see if it can get past to its W on the upside keeping in mind the rallies in overall sugar pack.
Apart from Sugar, Steel will be a nice idea to go long as it has formed nice formations on Steel Index and individual stocks also Earnings estimates of Steel sector are also adding fuel to this rally.
Hope you liked it.
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