Big Picture:
- US-Iran war an overhang for the market
- Brent crude is around $85
- Asian markets are mixed
- Quarterly earning season coming to to an end
Positional
- We are going through a “slow burn” breakout of Nifty
- It has all the components of a breakout but without any momentum
- In any other world, 24,500 would have been a durable support
- However, the lack of momemtum is casting a doubt
Intraday
- Zero conviction on any directional move
- Crude oil price is the only reliable signal
- Watch out for any directional move on crude
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