Nifty Futures broke above previous all-time high 11185.6 on last Friday. So previous all-time high becomes immediate support now in a very short term. Trading sentiment holding positive for the last 5 trading session. Put writers are active at 11000PE and call writers are aggressive at 11400 hence in a very short-term trading range could be in the band of 11190-11420. Markets could play a ping-pong game here (sort of consolidation) before giving any major directional clues.
When comes to Monday’s trading session, 11280 is a key monitoring level for any immediate support. Trading sentiment holds bullish as long as 11280 reference holds on the upper side. Moderate Bullishness is expected to continue in a very near term
Key Macro Events planned for this week
RBI Policy Meeting: RBI’s Monetary Policy Committee (MPC) is set to meet during July 30 to August 1 for the third bi-monthly monetary policy statement for 2018-2019.
BOJ Meet: Bank of Japan will announce its interest rate decision on 31st Jul 2018
US FED Meet: US Federal Reserve will announce its interest rate decision on 1st Aug 2018
BOE Meet: Bank of England will announce its interest rate decision on 2nd Aug 2018
Auto Sector in Focus
auto sales data are going to release this Wednesday. Auto Sector on the daily chart is showing some consolidation around 10730 – 10930 band since the last 4 trading sessions. Trading sentiment holds positive with supports coming around 10770 levels.