As I had suggested, market has been in the mode of "Sell on Rallies".
Now if this needs to get changed, there should be rate cut again tomorrow, which
might be unlikely to occur.
If that happens, then the correction might end and we may resume uptrend.
But until it happens, we should not speculate.
The immediate resistance comes @ 8850-8870
If market moves beyond 8930 by 11am, there is likely possibility of rate cut, else
the higher level you could see would be a place where you could short Nifty and
Bank Nifty.
Now if this needs to get changed, there should be rate cut again tomorrow, which
might be unlikely to occur.
If that happens, then the correction might end and we may resume uptrend.
But until it happens, we should not speculate.
The immediate resistance comes @ 8850-8870
If market moves beyond 8930 by 11am, there is likely possibility of rate cut, else
the higher level you could see would be a place where you could short Nifty and
Bank Nifty.
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