UPDATE ON NIFTY AND BANKNIFTY'S TREND on 26th July 2016

Morning !

The psychological level of 8630-8650 was almost achieved yesterday's by making high of 8641.15 and today 8643 as i am writing this post.

As mentioned earlier, though a lot of indicators are signalling overbought zones with high RSI for both NIFTY and BANKNIFTY and the world events like BREXIT, the upside levels are still intact as per the price action demonstrated by NIFTY.

Referring to my previous posts, the caliber for this impulsive wave is to cross 8650 and 8950. The former target is done, the latter is due, i somehow personally again feel that there is a correction pending from 8650 zone, one can short here with a mini SL but  a STRICT SL of NIFTY closing above 8650. for an immediate target of 100-200 points on downside. Post that the next target of 8950 should also be achieved in the coming month or two.

There is a case of 9119 being broken on upside in this impulsive wave, but for that we have to wait for the price action to signal more clearly for this to be achieved.

I am personally again stock/sector specific as of now, specially on PHARMA and IT sector. I have SELL view on big boys like INFY, DRREDDY to name a few.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 12th July 2016

Morning !

Referring to my previous post of SELL call for both NIFTY and BANKNIFTY with SL of 8450 and 18150 on closing basis. Both were taken out. These SLs should strictly be adhered, as this is an impulsive wave since 6825 till now. The SELL call given by me was to catch an intermediate correction of 250-300 odd points on downside, but NIFTY only corrected 111 points (8398 to 8287).

As i have been mentioning that NIFTY has lot of levels to be achieved on upside irrespective of the BREXIT event, the same has been shown by the price actions in last 2 weeks trading sessions.

This impulsive wave has the ability to touch 8650 and 8950 too and that too with the same velocity and force as it did when it broke 7777 7992 8295.

I would advise traders to step aside for 3 to 4 trading sessions from trading in indices and be stock specific for a while.

Below are two recommendations for stock specific trades (NOTE all levels are SPOT levels)

SELL YESBANK AT CMP 1140 with closing basis SL of 1150 and target of 1100, positional trade 2 to 3 sessions.

SELL IDEA AT CMP 103.15 with closing basis SL of 104.25 and target of 99, positional trade 2 to 3 sessions.

Happy Trading !