Nifty and Bank Nifty
Sgx Nifty is showing a 100 pt gap down, however likely that the market will recover. Make use of our daily Nifty and Bank Nifty analysis and be a part of elite group which make profit on a daily basis
We have been saying since long long time that we are in a larger correction. This is also a bounce which is failing today as per SgX. You need to understand the difference between a gap and a break away gap. What you saw was a break away gap which had everything for a bullish session today but we will see some profit booking today.
We don't say that the upswing is over....all I saying is we need lot more consolidation before we see an actual breakout and move towards ATH. We will be back withing the range of previous week price range, Now we need to close this week above 16260 for further rally else the same range of the previous many weeks.
Nifty. The levels are the same. 16050 is a strong support and resistance at 16260. In the middle is 16160 where we may open.
BankNifty. Lot of long buildup in BN yesterday. Support is placed at 35000 and resistance at 35700. Some consolidation with selling is expected.
Derivative. Lot of people get confused between short covering and fresh buying. Pls understand that shorts were covered yesterday in Nifty and longs were created in Bank Nifty. Fresh buys were missing. Data is positive when we include options in our analysis.
BUY on dips for the day is expected.
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