Nifty :
Nifty
has closed at 7460.35. Very flat but slightly up then previous day. As we have
stated earlier, now we can expect a small retracement or consolidation, it
consolidated the whole day within a very small range. These kinds of movements
with a bit correction may continue for another couple of days or may be more.
Till the time we do not close below 7100, this up move may continue. After a
range bound movement or a small correction, this up move can take this Nifty
towards 7530 & 7580 kind of levels. Now this is a “ Buy On Dips ”
kind of market. One may buy on any dips, with a strict closing basis Stop
Loss of 7100. Any dip till 7200 should be treated as a buying opportunity.
Bank Nifty :
Bank
Nifty closed at 15,328.50; as we have stated, Bank Nifty is definitely out
performing Nifty & with a strong moves. Even Bank Nifty is in a “ Buy On
Dips ” kind of state. Any dip till 14,700 should be treated as a buying
opportunity. 14,300 is a trend reversal point for the time being. After a small
correction / range bound movement / consolidation, one may 15,700 & 16,100
also in a due course of time. Keep your quantity low on buying and you may add
more on any dip till 14,700. The close you buy from 14,700, less will be your
Stop Loss & risk. But in case it does not dip enough & goes up
fiercely, you may consider buying in call option even at this juncture. By
this, you will minimize your risk & not lose the opportunity also. Trade
with levels. Trade safely.
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