Yesterday, we have seen a mind-blowing rally in Nifty but Bank Nifty failed to sustain at higher levels. In our weekly as well as daily report, we clearly indicated to buy Nifty futures around 15650 levels. Hope you all minted money from our buying recommendation. Buying Nifty from 15650 has proven great; Keep an eye on weekly closing.
Now, what next???
SGX Nifty is trading around 15833 while Nifty futures settled around 15816.
Above 15840… Catch it with stop loss below 15700 for the upside target of 15940—16000
Fresh downside panic we will see on a close below 15700 levels only.
Bank Nifty
On the other hand, Bank Nifty is still struggling and unable to sustain at the higher levels.
Short covering is expected in Bank Nifty but be cautious for the day.
Bank Nifty has support at 34400—34000 and resistance at 35050
Decisive break and sustain above 35050 will take it to 35300—35550 levels.
Again… 35700—36100 will be the key resistance area.
Trade safely for the day… More we will update during market hours.