Overall Market Sentiment
This is very confused today. The OPEC meeting did not turn out to be great. They are NOT going to increase the oil production, so the prices are going to remain high. That means BANKNIFTY will most likely not do great.
There was another major problem that came up. Facebook plunged in the US since they had a downtime of more than 6 hours. This led to NASDAQ falling by close to 2% in a day! This did not sustain and we can see a recovery.
However, there is a China Taiwan crisis looming on the horizon. So International Markets and especially the Asian markets are going to remain choppy for some time to come.
India is in a sweet spot. FIIs and DIIs were both buyers yesterday and this trend is likely to continue today offsetting some negativity.
NIFTY AND BANKNIFTY
Nifty has opened relatively flat and I think it will remain rangebound, between 17500 and 17750 for the week. Then we have results coming out, starting with TCS on October 8. So if you want to buy these, this is probably your chance. I have.
BANKNIFTY is going to stay neutral and slightly depressed till the quarter results come out. The RBI monetary policy is anyway unlikely to change in the short term, so we are good.
I don't intend to take any positions today. I have a carry over long position from last week. I am good with that.