The day is a range bound largely trading ahead of RBI policy tommorrow ( Jan 29). I am in no mood to trade today trying to conserve and expecting to replenish my trading capital by Feb 11. Put on my screen JET AIRWAYS and EVERONN early in the morning possibly as "Fade" candidates but couldn't muster the courage to place the trades.
In the afternoon, watched some minor fluctuations in scrips where 3Q results are being announced. JSW Steel had good set up for minor profit taking. Banking stocks are weak, especially the leader SBI as it is at a crucial overhead resistance at 2550 levels. It traded at a high of 2530 levels and retraced to 2490 ish. May be it's difficult to overcome the OH resistance at 2550 unless there is a 50 bps cut in repo tommorrow.
In the afternoon, watched some minor fluctuations in scrips where 3Q results are being announced. JSW Steel had good set up for minor profit taking. Banking stocks are weak, especially the leader SBI as it is at a crucial overhead resistance at 2550 levels. It traded at a high of 2530 levels and retraced to 2490 ish. May be it's difficult to overcome the OH resistance at 2550 unless there is a 50 bps cut in repo tommorrow.
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