Bank nifty (Spot): Banknifty is continuing its outperformance and respecting its 10-DMA. On the upside, 42500 is an immediate hurdle, and if Banknifty manages to sustain above that level, then we can expect a rally towards 43000/43333 levels.
Another perspective
The levels and trade setup remain the same as yesterday. Markets have clear support levels at 18200 and resistance at 18425.
If #nifty and #banknifty cross previous highs, we may see heavy short covering in both. Need to understand that trading volumes are always lower near the highs with a lot of confusion among traders about the trend. The correct approach is to keep positions small and do small trades. The rule of not losing capital is the only rule to be followed.
#Nifty. Support is placed at 18250/200 levels with buy on dips. Resistance at 18350 and 18425.
#BankNifty. Support is placed at 42200 and resistance at 42600. Above 42600, be ready for 43000 and beyond.
If #nifty and #banknifty cross previous highs, we may see heavy short covering in both. Need to understand that trading volumes are always lower near the highs with a lot of confusion among traders about the trend. The correct approach is to keep positions small and do small trades. The rule of not losing capital is the only rule to be followed.
#Nifty. Support is placed at 18250/200 levels with buy on dips. Resistance at 18350 and 18425.
#BankNifty. Support is placed at 42200 and resistance at 42600. Above 42600, be ready for 43000 and beyond.
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