Hello all! First of all I would like to apologize for my absence in the past few weeks and it seems the indices have had a plush bull rally while I was MIA.
With that being said, we should not ignore the fact that DIIs have pulled out most of the money they had invested in March. USDINR too does not seem to be in the mood to breach 73 just yet and might try and dash towards 75 in the near term. However, despite all the negative signals, all dips have been bought and more often than not the market will keep rallying while retail investors keep expecting a correction.
My job is to simply point out critical levels that will help you take decisions accordingly.
Banknifty’s 1 wk avg. lies around 29800-29900. If this range is breached decisively, the index could move towards 29200 with a pit-stop at 29500. On the upside, there’s clear room up until 31000 with a minor (recently formed) resistance @ 30500.
SHORT if the index opens or trades below 30100 for targets of 29900-29800-29650. Ideally, a positional trader would wait to short around 31000 for massive targets.
LONG if the index sustains above 30150 for targets of 30500-31000. Ideally, a positional trader would wait to see if the index takes support @ 29800.
Note:- I am now using Banknifty Futures chart as the volume indicator helps. All levels given are of BN FUT.
With that being said, we should not ignore the fact that DIIs have pulled out most of the money they had invested in March. USDINR too does not seem to be in the mood to breach 73 just yet and might try and dash towards 75 in the near term. However, despite all the negative signals, all dips have been bought and more often than not the market will keep rallying while retail investors keep expecting a correction.
My job is to simply point out critical levels that will help you take decisions accordingly.
Banknifty’s 1 wk avg. lies around 29800-29900. If this range is breached decisively, the index could move towards 29200 with a pit-stop at 29500. On the upside, there’s clear room up until 31000 with a minor (recently formed) resistance @ 30500.
SHORT if the index opens or trades below 30100 for targets of 29900-29800-29650. Ideally, a positional trader would wait to short around 31000 for massive targets.
LONG if the index sustains above 30150 for targets of 30500-31000. Ideally, a positional trader would wait to see if the index takes support @ 29800.
Note:- I am now using Banknifty Futures chart as the volume indicator helps. All levels given are of BN FUT.