03-05-2018 - Index views

Hello & Good evening friends…!!!

Welcome back to the Index views again.

Nifty cmp : 10,706.50

Now, dear friends, if you have an access to any charts of Nifty, you must have understood by looking at it, why I was worried and stretching on being “ Cautious ”. Since we have already retraced slightly more than 62% of the fall we recently had, it was quite easy to understand that we might stop here for some time & either consolidate or fall. The market has chose to give away some of its gain.

So for now, we may say that unless & until we close decisively above 10,790, the uptrend won’t take place. At least for the time being, it is true. This level may change in a due course of time as & when chart & the price pattern changes.

As we have already mentioned in the last post, the support level is same as 10,640 on closing basis. A decisive breach and closing below 10,640 may indicate a steep fall of a couple of hundred points or more. So for now one may take these levels as an indicator and can go long / short as per the close of Nifty & as per the comfort. Maintain strict StopLoss.

Please keep in mind, always, forever : “ StopLoss is a life saving tool.”

Bank Nifty cmp : 25,711.80

As we have mentioned in our previous post, Bank Nifty had some steam to go up. It went. Still it may go further up but in case of weaker Nifty, the Bank Nifty may become lethargic & subdued. There is no change in the general scenario & levels & suggestions in Bank Nifty as far as traders are concerned. One may refer to the previous post to get a brief idea.

Stay Safe, Trade Safe.