Nifty :
Nifty closed at 7372.25. Looking at
chart, it is almost at the historical low as far as indicators are concerned. Weekly
chart suggests a strong support at 7260, which may not come even. Any intraday
panic may touch 7250 / 7260 kind of levels and might give us a sharp
reversal. Since we do not have any
positions, one can afford to go long in Nifty by purchasing at the money call
options in a very small quantity in anticipation of the process of Nifty bottoming
out has been started.
Bank
Nifty :
BankNifty closed at 15,050.90.
BankNifty seems weaker than Nifty. But as we have stated earlier, before
touching the next support zone, it may bounce with Nifty. BankNifty as an indivisual
scrip, seems very weak. No fresh positional trades in BankNifty are advisable. Instead, a short
term long is better in Nifty on any good signal. Any good bounce will be a good
opportunity to exit from longs in BankNifty.
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