Before the Market opens tomorrow, we will have news about the FOMC which should cause some inventory re-alignment at the open if there is a major change in the FED statement.
The previous statements have been on the lines of "conditions warrant low Fed Fund rate through late 2014" . & FOMC projections, showing the number of FOMC members projecting the year most appropriate for policy firming.Look for change to the above as also signs of QE3.
Expiry day should have it's own pressures. One should trade light as whipsaws can happen especially along VWAP/ DPOC and value lines as volume gets divided between April and May. Please do not accept all levels at 'face value' tomorrow.
Charts below are for April and May.
Nifty April :
Nifty May :
BankNifty April :
BankNifty May :