NIFTY VIEW & NIFTY OPTION TIPS FOR 7 FEB 2020

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Bulls continued their forth March after the Reserve Bank of India policy announcement. Nifty closed above 12100 mark as mentioned in yesterday’s post. Nifty started from 12120 made a high of 12160 and low of 12084 & closed the day at 12137 up by 48 points.  MPC of Reserve Bank of India keeps the repo rate unchanged at 5.1%. With status quo on repo rate, the MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. Here, GDP growth for 2020-21 is projected at 6 percent, in the range of 5.5-6 per cent in H1 and 6.2 percent in Q3.

We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 12100 to extend gains towards 12175, and then 12200 -12250 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 12000 and then 11900 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11800. 
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Resistance: 12175, 12250

Support: 12000, 11900