I have been telling to Buy at all dips and also had recommended to Buy 8900 Call Options.
They have closed positively @ 56
Now we can see some early cracks in the market. Bank Nifty has clearly shown that it is
highly overbought and finding resistance at higher levels. PSU banks have a lot of short
positions built up.
USA market has been failing to move up and looking that its immediate support of
1980 will get broken on S&P, which is a negative factor.
And Crude Oil is also showing that it will break $44 and make new low. This is again
negative for the market.
For Nifty 8950 will be channel resistance and if market fails to move beyond this or
falls from this level, we can see correction in the market.
So for all traders, we are recommending to book profits. You can go short when 8900
is broken from the top. The support will come near 8600-8630 levels.
For Bank Nifty, you can go short @ 20,500, with stop loss above 21000.
Immediate support comes @ 20,000. If it is broken, then the next support will come
at 19,500.
They have closed positively @ 56
Now we can see some early cracks in the market. Bank Nifty has clearly shown that it is
highly overbought and finding resistance at higher levels. PSU banks have a lot of short
positions built up.
USA market has been failing to move up and looking that its immediate support of
1980 will get broken on S&P, which is a negative factor.
And Crude Oil is also showing that it will break $44 and make new low. This is again
negative for the market.
For Nifty 8950 will be channel resistance and if market fails to move beyond this or
falls from this level, we can see correction in the market.
So for all traders, we are recommending to book profits. You can go short when 8900
is broken from the top. The support will come near 8600-8630 levels.
For Bank Nifty, you can go short @ 20,500, with stop loss above 21000.
Immediate support comes @ 20,000. If it is broken, then the next support will come
at 19,500.
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