BANK NIFTY VIEW Up move continued today also as prices made its high above 26900. Short term trend is up and traders should look to trade on long side only. PVT BANKS are outperforming the index. Look for a buying opportunity there. Watch ICICIBANK, HDFCBANK, INDUSINDBANK, KOTAKBANK, AXISBANK. Avoid trading in PSU BANKS.
Trading Tip We, as a trader, should be willing to observe the market and make informed decision. Missed money is better than lost money, so wait patiently for the best opportunities to arrive and take trades according to the trend of the market. Long-term patience will keep your confidence and optimism high, and short-term patience will help you wait for the best trades. Success doesn’t come easy, and rarely are fortunes made overnight. Be willing to pay your dues and put in the work in order to achieve your goals. Trading is all about managing risk. Even though if you are right 50% of the time, you’ll still end up making some money in the long run provided you cut your losses short and let your profits run. (Content Source: S2analytics.com)
Nifty View The Nifty is now in some kind of a large trading range. We may be seeing resistance around 11000 – 11100 and support around 9900 – 10000. This gives a fairly wide, 1000 point range. While this knowledge does not give an actionable trade immediately, it does give a message: the current long term trend is probably sideways. Sideways markets will not give immediate and quick rewards. In such a scenario, Investing, as well as trading requires patience acceptance of small rewards.
BANK NIFTY The index has seen a decline from last four trading sessions. Prices have made a swing high near top of the previous rally at 26970. Support may emerge at 25700. This gives a fairly wide, 1270 point range. Today prices have find support near 25700 which may hold for next few sessions. New trade should emerge on short side after: · A relief rally towards 26200. · Closing below 25700.
Nifty View NIFTY continued its upside move today also which started from Thursday. Previously 10600 – 10700 zones acted as a support for NIFTY. Now NIFTY is trading inside this zone. It is possible that prices may find resistance inside this zone and trade very choppy. A move above 10700 may help prices to move further higher. Last swing low recorded near 10400 – 10420 may act as a support zone. These are just some scenarios which we continuously build to find some trading opportunity. As of now our view is bullish. Stay on the long side, but be prepared for some volatility as the Market tries to find stability.
BANK NIFTY The index is trading very choppy and narrow today. Prices seem like finding resistance after a rally of more than 1000 points in last three trading days. One concept which works in the market is cycle of expansion and contraction. This 1000 points rally is an expansion. And we should expect some contraction very soon. Prices are heading towards its first resistance at 26975 (last swing high made). We may see some narrow and choppy price action near this level. As of now, PVT BANKS are outperforming. Look to buy there.
Nifty View Short term volatility gives the impression of lot of movement, when the truth is that the movement is taking place almost at the same place. This is working out with the Indian markets, with lot of short term volatility giving a sense of big moves. Such volatile moves are normal when prices are moving inside a trading range. The Nifty is locked inside a wide range between 10000 and 11000. A move out of this range could give a new and fresh move, but that possibility seems to be remote in the next few weeks.
Nifty View NIFTY is making another attempt to break above the resistance zone. If prices remain and close above 10820 today then we may see a rally towards 11000 or higher. Our view is bullish and we should look for buying only.
