Nifty :
Nifty closed at 7290.85, slightly
flat to negative. A small bounce is still pending which may come soon, may be
tomorrow or on Monday. Nifty may touch further down levels but before that, one
bounce is necessary for a bigger down move. on the upper side 200 / 250 points
jump is expected very soon. Unless a very strong signal at 7600 around,
every rally should be used to exit longs in Nifty.
BankNifty :
BankNifty closed at 15,105 with a
positive close. A huge amount of volatility was seen during the day. Still it
is uncertain about the direction but the close suggests staying long on a short
term basis, with a Stop Loss of course. 14,700 should be a strict Stop Loss for
any longs in Bank Nifty. Part profit booking will be a better & safe
strategy.
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