Morning !
My last post on 6th June mentioned that 8265 is a critical level for NIFTY. It made a new high above 8262 and touched 8294.95 on 7th June and reversed from there. NIFTY sell call given in the zone of 8230-8250 with an SL of 8350 and target of roughly 200 points probably should close today at 8230 assuming we make a lower low than yesterday of 8063.90.
On the other hand BANKNIFTY SL given of 80 points at 17750 got triggered the very same day as we all witnessed that it made higher highs till 10th June at 18051.50 but reversed sharply from there and yesterday touched an intraday low at 17527. BANKNIFTY if continues to sustain below 17666 can show some more weakness till 17350-17200.
I would advised everyone who shorted NIFTY in the range mentioned above should cover for 175-200 points as their might be a reversal from 8000-7980 zone.
Now the critical level is 7980-7940 zone for NIFTY, breaking below would trigger fresh selling for 7850-7777 zone. BUT that is only if we break 7980-7940 zone.
Let us wait to get more clarity after coming out of our shorts for around 8050-8030 levels.
Happy Trading !
My last post on 6th June mentioned that 8265 is a critical level for NIFTY. It made a new high above 8262 and touched 8294.95 on 7th June and reversed from there. NIFTY sell call given in the zone of 8230-8250 with an SL of 8350 and target of roughly 200 points probably should close today at 8230 assuming we make a lower low than yesterday of 8063.90.
On the other hand BANKNIFTY SL given of 80 points at 17750 got triggered the very same day as we all witnessed that it made higher highs till 10th June at 18051.50 but reversed sharply from there and yesterday touched an intraday low at 17527. BANKNIFTY if continues to sustain below 17666 can show some more weakness till 17350-17200.
I would advised everyone who shorted NIFTY in the range mentioned above should cover for 175-200 points as their might be a reversal from 8000-7980 zone.
Now the critical level is 7980-7940 zone for NIFTY, breaking below would trigger fresh selling for 7850-7777 zone. BUT that is only if we break 7980-7940 zone.
Let us wait to get more clarity after coming out of our shorts for around 8050-8030 levels.
Happy Trading !
Nice analysis bro :) I hope Nifty can make a bottom @8030 to 8040 level and may hit 8350 with a SL of 7975
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