NSE:NIFTY   Nifty 50 Index
Cautiously optimistic seems to be the mood of the street. After a major reform for corporate tax we did see some bouts of optimism, will it be sustained is what is important to be watched in the coming weeks. Seeing a wild swing of almost 300 points on the nifty and 1300 point on nifty bank, it looks the bulls may take a breather or may look for further cues whether it would sustain these levels or give up its gains from last week.

Nifty seems to be high on the curve and suggests to be a shorting candidate. Looking at supply zone we have one at 11697 with a stop loss of 11953, fine tuning this we also have 11839 with a stop loss of 11981. On the lower end we have a few demand zones at 11466 with a stop loss of 11416, 11381 with a stop loss of 11227. Another one lies at 10655 with a stop loss of 10585. It is suggested to look for shorting opportunities at higher levels on the index.

Nifty bank too seems to be high on the curve becoming a shorting candidate. Looking at supply zones we have one at 30641 with a stop loss of 31660, though triggered last week it would still act as a major hurdle for the index. Another supply zone comes at 31323 with a stop loss of 31660. Looking at demand zones we have one at 29417 with a stop loss of 28706. Another one lies at 26866 with a stop loss of 26643.

The market seems to becoming more sensitive to events while we witnessed some high volatile sessions in the last week. However the setup suggests that it would be range bound market reacting from higher and lower zones while the bulls and bears fight their way out to either side. It is positive to see an alert government trying to retrieve the economy with major reforms, however the ground reality would be the only and the best signal for the street to decide their next move.

Comments

Well said,,I fully agree
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