Nifty :
Nifty closed at 7568.05. A huge up day with almost 2 %
gains with 140 points jump. As described & doubt earlier, Nifty never went
below 7400 and did not give a chance to short it. Instead, it crossed our first
upper target of 7520 successfully & marched towards the second & stiff
target / resistance of 7600. It closed at 7568, a hefty up day. Now the target
remains the same as 7600 / 7620. If Nifty closes above 7620, it may head
towards 7660 & 7690. For any long position in Nifty in short term, a strict
Stop Loss must be applied at 7440 / 7420 on closing basis.
BankNifty :
BankNifty closed at 15,536.80. BankNifty
also recovered from the low and gave a good jump of almost 1 %. It almost
touched the support and came up drastically. The first target is at 15,700 /
15,800. If it closes above these levels, 16,200 and the levels above, are not
difficult to achieve. Only thing we have to watch strictly is the Stop Loss of
15,100 on closing basis. One must ride the rally with longs and a trailing Stop
Loss in Nifty, BankNifty, both. Any other / reversal signal will be discussed
here, well in advance.
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