Nifty
:
Nifty
closed at 7393.45. The doubt was real and the concern was a fact. In previous
report / post, stated that the close at exact target was a worrying point. It
did show its power & Nifty came down 127 points. Now the support &
StopLoss for longs are at 7370 on closing basis. Break & close below that,
might take Nifty to further down levels drastically. One may initiate a short
position in Nifty below 7370 with a StopLoss of 7480. In case it goes up &
resumes the uptrend, the upper levels are intact at 7460, 7520 & 7620.
Trade according to the levels given.
BankNifty
:
BankNifty
closed at 15,072.30, a negative close. As expected, it tried and achieved the
mentioned levels of 15,000 & 15,300. It rallied to achieve the final target
of 15,700 but failed. There is no change as far as levels are concerned. 15,000
& 14,800 are rock solid supports. Below which a bigger fall can be seen.
15,400 will work as a short term resistance for the time being. So any sustained
trade above / below given levels, will give a good & tradable move for
short term. Keep these levels handy and trade accordingly.
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