Nifty
:
Nifty
has closed at 7449.55. Today’s close satisfies all the conditions and
requirements for reversing the trend again. Obviously, we have to see the
follow up buying continuous or not & whether it sustains the higher levels
for another day or two. But one thing we can surely assume that the process of
trend reversal has begun. It might take its own time with a consolidation &
a bit retracement / correction also, but we cannot deny the process. Tomorrow
being the last day of the week, it will be very important to see the movement
of Nifty. In case of a strong up move even tomorrow, will confirm the trend
reversal with a suggestion to initiate a long position only on dip, with a
strict closing basis Stop Loss of 7240. The new upper targets can be set at
7550 & 7650.
Bank
Nifty :
Bank
Nifty closed at 15,148.30; as we have stated, Bank Nifty has touched 15,200.
Like Nifty, even Bank Nifty has started the process for reversing the trend. If
tomorrow it sustains the higher levels and does not fall much, this uptrend
will be confirmed. If tomorrow it closes with a good gain or at least with a
very small loss, the uptrend will be established. It will become a “Buy On
Dips” kind of market. Any dip, should be treated as a buying opportunity,
of course with very strict closing basis Stop Loss of 14,300. Trade wisely,
trade safely.
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