Yesterday, we clearly indicated to sell Nifty future below 15690 for the downside target of 15625—15550.
Not only this… We recommended buying in Nifty again around 15625—15550.
Again skyrocketed and crossed the 15700 mark
Now, what to expect from here onward???
Nifty futures has resistance at 15770—15830.
Short covering expects on a close above 15830 levels only.
Or else it could test its support level of 15650—15580 and then to 15500 again.
Trade safely for the day because of the monthly expiry.
On the other hand, Bank Nifty too took support and bounced back.
Bank Nifty has support at 33900 and resistance at 34600—35100.
Expect short-covering in Bank Nifty above 36100 or else panic remains continues.
Be cautious at lower levels too. The clear direction we expect after monthly settlement.