Nifty Continues To Trade In A Range Before The Trump Policy Announcements Tomorrow

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Indian benchmark Index Nifty Futures, opened at 8426 and after making a high of 8469 Nifty fell sharply by 62 points to make a low of 8406 yesterday. Nifty Futures finally closed at 8430. Nifty holds 8400 in a narrow trading range over past five trading sessions. Indian benchmark index Nifty saw profit booking from range high of 8460 to give back most of the gains to finally close flat at 8430, a gain of 17 points. 

The past five trading sessions have seen a range of 85 points which suggests that prices might give a breakout of the upper range or lower range of 8460 and 8375 respectively soon. 

The triggers could be the announcement of Trump policies and Pre or post budget rally. Banking stocks have been outperforming and the Bank Nifty Index after making a high of 19276 corrected by 150 points and this has been second consecutive day that Bank Nifty has corrected by 150 points or more suggesting some profit booking is on the cards. 

FII have returned to the cash market and have turned buyers for second consecutive day. This is a positive sign for the bulls as they are already buyers in Future and option segment.

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