Nifty :
Nifty
has closed at 7452.65. Since past couple of days, we are stating that now
either a consolidation or a small correction is expected for some time. The
trend has become positive but due to sudden jump and a huge rally in a short
period of time, may bring some consolidation or a correction. “ Buy On Dips ”
strategy is a better option. 7370 & 7240 are good supports & you may
initiate a long position around these levels in Nifty for the targets of 7530
& 7580 initially. Close above 7580 may push Nifty towards 7700. Since the
trend will reverse only when Nifty closes below 7100, one may buy on dips ONLY.
Presently Nifty is showing some weakness which may turn into a small
correction. Trade with levels.
Bank Nifty :
Bank
Nifty closed at 15,153.40; as we have stated, Bank Nifty is definitely out
performing Nifty & with a strong moves. Today it closed 1.10% down 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
now. After a small correction / range bound movement / consolidation, one may
see 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 closer you buy from
14,700, lesser 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.
No comments:
Post a Comment