NSE:NIFTY   Nifty 50 Index
Festive season brings out some cheer for the street, inching the indices higher towards their all-time highs. We had few shorts which would have triggered as mentioned in the last report for Nifty at 11839 and the Nifty bank at 29674. It is suggested to strictly follow the zones and have stop losses in place. Some disappointment in numbers pertaining to PMI and GDP forecast might cause some worry among the street which would be important to watch.

Nifty continues to be in an uptrend, currently in a supply zone from 11725 with a stop loss of 11981. Although triggered last week it is still suggested to maintain with stop loss in place. Another supply zone comes at 12016 with a stop loss of 12106. We also have newly formed demand zone at 11657 with a stop loss of 11490, next one lies at 11481 with a stop loss of 11411.

Nifty bank in an uptrend still lies in supply zone from 29674 with a stop loss of 30800. This zone is active and can be played out with stop loss in place. Another supply zone exists at 30641 with a stop loss of 31660. Looking at demand zones we have one at 29516 with a stop loss of 28923, next one lies at 29563 with a stop loss of 29395.

Seems like the street wants to move on from the problems, at least for now as bulls seem to be gaining control but cautiously. The ground level problems persists and looks like time would be a perfect healer for all of it. However it is suggested to be cautious before one can really jump the gun and get on board at such higher levels.


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