For educational purpose only, please trade
after consulting with your advisor.
NIFTY 50: On last trading session we have seen a sharp fall in Nifty. It was
mentioned in our previous update that Nifty is in Buy Zone and go Long with strict
stop loss.
Now what’s next: NIFTY is still in buy zone but we are expecting that market will see
lower levels in the days to come. So it is better to sit set aside or go with hedging
the portfolio. We are expecting lower levels in Nifty and Bank Nifty. Yesterday
also we have seen a huge upmove in Crude oil and Brent. Further we have also
seen fall in Dollar Index.
Support: 8160/8117/8100/8050
Resistance: 8250/8288/8305/8400
For short term, we are having negative view on Oil Marketing Companies,
Tyre Company, Paints Companies and Aviation Company. However we have positive
view on IT and Pharma Companies.
NIFTY BANK: On last trading session we have seen a fall in Bank Nifty. It was
clearly mentioned in my last update that short term rally not ruled out but go
with strict stop loss. Further it was also mentioned that for entering into negative
zone, we need a closing below 18573 and we have seen 18428.
Now what’s next: Now Bank Nifty enter into Sell Zone. Further Bank Nifty is now trading
below its short term moving average but
above long term moving average. Now 18180 to 18130 is the key level to watch in
Bank Nifty Spot. If the breach, we may see sharp fall till 17500. If that
happen then bank nifty will trade its long term moving average.
Support: 18325/18265/18185/18000
Resistance: 18535/18695/18785/18886
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