Nifty :
Nifty
has closed at 7546.85. After a gap up, it traded in a narrow range for the
whole day and gave a 0.5% up close. Even the day is positive; the range has not
been broken yet. The target of 7580 was tested again but the concerning point
is that, it did not sustain above that & closed. So the probability of
touching 7700 is getting thinner with every passing day. Close above 7580 will
ensure us about another up move for a short period of time again. As you all
know, the good support is at 7400 / 7370, intact. We might face a small correction
also which is again good for the market health & may provide us with an
opportunity to buy on dips with a small Stop Loss. Keep these levels handy
& trade safely.
Bank Nifty :
Bank
Nifty closed at 15,335.50; even Bank Nifty is going on the line of Nifty. After
a good up move, Bank Nifty is trading in a range and consolidating. There are chances of going up & there is
no change in levels as yet. Bank Nifty traded flat to slightly in positive
zone. As we have stated, the support zone is intact at 15,000 for short
period of time. As stated earlier, at around 14,700 we may decide whether
to buy for short term or not. Above 15,700 we may see 16,100 also. Trade safe
& trade with levels mentioned.
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