A big move came as expected. The index have rallied more than 1600 points in last 10 trading days. A resistance at 25000 have broken on upside and now prices are moving toward the next resistance at 25800. We are now expecting some kind of consolidation in BANK INDEX near 25500 - 25800 zones. Avoid PSU BANKS and look for buying in the index as well in PVT BANKS such as HDFC BANK, INDUSIND BANK and KOTAK BANK.
Market view of Mr. Sudarshan Sukhani. "The Nifty is now entering a resistance zone between 10350 and 10600. This is a wide area, suggesting large moves, both up and down, within the range. Trading inside a zone requires tactics which are different from trading with the trend. In zone trading, we have to buy sharp dips and sell sharp rallies. These trades are done, in a sense, against the minor trend. This is not always easy. It does appear that the best part of the recent up move is behind us."
Market view of Mr. Sudarshan Sukhani. BANKNIFTY "After a rally of almost 1800 points from its low near 23605 is now started finding resistance near 25400 - 25500 zone. A consolidation was expected near 25500 is now happening in BANK Index. A narrow trading range is visible inside 24950 - 25400. Look to trade in the direction of breakout."
Market view of Mr. Sudarshan Sukhani. NIfty View Next big trade in the Nifty The answer to this question can never be a certainty, but we could discuss the probability of what could be the next big trade. Possible Trade #1: The Nifty faces resistance around the 10600 - 10620 zone, and, after spending time in this area, chopping around and doing nothing, the Index eventually moves down. This down move could be slow and torturous, but the move could be down. Possible Trade #2: The rally continues and eventually tries to go to 10800 or even higher. If there is more upside in this market, we should be willing to participate in it. While we do feel that the Nifty is likely to go through another sharp down move, this year, we will not be rigid on our perception. If markets are going higher, so be it, we will like to be part of it.
Market view of Mr. Sudarshan Sukhani. BANK NIFTY BANK NIFTY is consolidating inside a range from last eleven trading days. Boundaries are now clearly visible with a support near 24850 and a resistance near 25450. We had expected a consolidation after recent sharp upside move. Now prices have spent more than two weeks inside these 600 points of range. The range will not last longer and sooner we may see a breakout in either direction. That breakout will give us a swing trading opportunity in the Bank Index. Traders should look to trade intraday only. Prefer buy on dips and sell on rallies. Look to sell PSU BANKS and look for buying in PVT BANKS on dips only. For any query please visit our site www.S2analytics.com
Trading Tip A good trader is a one who can make money consistently over a longer period of time. But how to become one such a trader and can make money in any type of market condition? You have to be an independent thinker, closely watching market and other factor to make any trading decision. Have a basic understanding of technical analysis and ability to apply the same in order to find trading opportunity. A good trader means staying informed about yourself, trust your well researched strategy and learn from mistakes of others. Content Source: S2analytics.com
Nifty View Today We had anticipated an upside in the month of April with first target at 10450 and second target at 10600. As the month of April is ending our both targets have met earlier. The Bigger picture is one of a rally in the stock markets which is likely to face resistance sooner or later. But, momentum is what drives the short term trade. So far, momentum favors the bulls, which means we should be trading on the buy side.
BANK NIFTY TODAY BANK NIFTY has come out from four days of narrow range yesterday and moved up. Prices are continuing the momentum today also with a gap up. Above the first visible resistance is near 26200 which might hold. We should wait and watch for prices to give any sign of possible trade near this level.
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Nifty View A trading range inside 10600 - 10800 has broken on upside giving us a pattern target near 11000. Trend is up and traders should look to trade on long side only. Prefer Buy on dip or intraday consolidation breakout. Focus on IT, AUTO, PVT BANK and FMCG Sector. Avoid PSU BANK and METAL.
