Nifty :
Nifty closed at 6990. Nifty gave a
flat close. As we have stated yesterday, chances are there to consolidate /
bounce. It tried to bounce but traded in a range with a great amount of
volatility which is again NOT good for the bull market. Today it stopped the
fall at least. The scenario has not changed much. Instead of taking fresh
position, let us wait for this volatile period to get over & let the fresh
signal come. Trend is weak obviously; a relief rally can be expected soon.
Please note, in case the rally appears, it will be a corrective rally only
& NOT a reversal unless it closes successfully above 7400. One may initiate
a buy position above 7050 for the short term small targets of 7150 & 7230.
A strict StopLoss must be maintained at 6970. StopLoss hit means there is no
relief rally taking place & exit long immediately. Nifty, achieves the
upper targets or hits the StopLoss, in both these scenario, one has to book
profit / exit long. Further course of action will be discussed in the next
report.
BankNifty :
BankNifty
closed at 13,982.50, flat to negative close. Since a couple of days we were
writing about this fall below 14,400. A 500 / 1000 points fall. We already
witnessed 700 points fall. The scenario is not at all good. A relief kind of
rally may appear as we have come a long way down in a short span of time. But
as it is sustaining below 14,400, the gates are opened already for further deep
fall. If not now, soon enough to make us scared. A reversal is expected above
15,100 only. A small up move is possible only above 14,200 with a strict
StopLoss of 13,900. Read these levels carefully and trade accordingly. Trade
safely.
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