Nifty might have started a new uptrend with a target of previous highs 8980-9100 zone. 1st pullback should be in the 8600-8630 zone then go to 8820-50 zone pullback again to 8720-8750 finally to ATH.
Comment:
The above Nifty path will become invalid If Nifty slips below 8600-8630 then it will be in trouble and might fall to 8300-8350. 8500 might not hold this time. So keep the stop loss in place.
Comment:
Relentless selling by FII's in cash & futures will keep Nifty under pressure. 8720-8750 has become the battle point for Bears & Bulls. Below which there is a chance of 8300-8350 above 8750 ATH.
Comment:
Nifty might have completed have 2 at 8650 on Friday, BankNifty already has given a breakout on Friday. Closing above 8750, 8840-50 will come in a flash on the back of short covering. Dont short Nifty, go long if Nifty closes above 8750.