Morning !
Referring to my last week's update on NIFTY and BANKNIFTY's trend. The low that NIFTY made on Friday 29th April of 7788 seems to be the low for this coming week and act as a support for NIFTY to complete its last leg of 8025-8078-8123-8168-8225-8257-8336 in this week or by 8th May 2016.
The RSI has significantly come down for both NIFTY and BANKNIFTY in comparison to last week, anyone who wishes to buy NIFTY in this upmove take strict SL of 7788 on intraday SPOT basis and buy for 8225. I would not advise to stay in longs after 8225.
Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens.
BANKNIFTY too looks to reach for 17500 in the same time frame as NIFTY. Post 17500 i would not advise anyone to stay long irrespective if there are 200 to 300 points left.
Happy Trading !
Referring to my last week's update on NIFTY and BANKNIFTY's trend. The low that NIFTY made on Friday 29th April of 7788 seems to be the low for this coming week and act as a support for NIFTY to complete its last leg of 8025-8078-8123-8168-8225-8257-8336 in this week or by 8th May 2016.
The RSI has significantly come down for both NIFTY and BANKNIFTY in comparison to last week, anyone who wishes to buy NIFTY in this upmove take strict SL of 7788 on intraday SPOT basis and buy for 8225. I would not advise to stay in longs after 8225.
Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens.
BANKNIFTY too looks to reach for 17500 in the same time frame as NIFTY. Post 17500 i would not advise anyone to stay long irrespective if there are 200 to 300 points left.
Happy Trading !
Hi Abhishek. Nifty breached the Friday low of 7788 and went to 7777 intra day. Any change in your view post this move today. Pls update. Thanks.
ReplyDeleteAny fresh views. Nifty is just going to lower levels. We have exited shorts and are on long side. Any updates basis these two days down moves.
ReplyDeleteAny fresh views. Nifty is just going to lower levels. We have exited shorts and are on long side. Any updates basis these two days down moves.
ReplyDeleteSaharsh: I gave a small SL for longs i think 40 points...because i myself have a view that this upmove which will come is the last one and would not last much higher. Would update my blog for revised upside targets soon.
ReplyDeleteSir waiting for ur updates on nifty n bank nifty,plz post asap
ReplyDeleteNeet: Would update it soon...on weekend itself.
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