Nifty :
Nifty
has closed at 7527. We were writing past few days, that a small correction or a
small consolidation is expected. After achieving our second & final target
of 7580 for twice, it consolidated in a very small range of few days &
today it came down to 7430 and bounced back almost 100 points & made
a high of 7536. It all went precisely as per the post we have posted. As stated
earlier again 7580 / 7680 are the probable targets. 7400 / 7370 are still good
supports to trade longs. A close below 7470, will tell us to exit long for
the time being. Further strategy will be discussed here in time. For the
time being keep these levels in mind and trade wisely & trade on dip /
bounce.
Bank Nifty :
Bank
Nifty closed at 15,536; Bank Nifty has given a small break out kind of move.
Today’s candle suggests a good up move is ahead of us. As stated earlier also,
15,700 / 15,800 are the next probabilities. And a good sustained trade above
these levels may take Bank Nifty towards even 16,100 kinds of levels. And yes,
as discussed here in previous posts / reports, 15,200 / 15,100 will be acting
as a very good support zone. A sustained trade below these levels may drag Bank
Nifty towards 14,700 kind of level. Till then, wait for dip, buy & keep a
strict Stop Loss. You may make good money in longs; of course a Stop Loss is a
must as a most important or a guardian for your capital.
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