Indecisive street holds the major indices in a tight range for the week, looking for further cues it is still unclear which direction it would resume going forward. Nifty and Nifty bank respecting our supply zones of 12016 and 30641 respectively as mentioned in the last report.
Nifty continuing to be in uptrend holds a key supply zone of 12016 with a stop loss of 12106. The bulls however would be eyeing lower demand zones which comes at 11657 with a stop loss of 11490, can look to book some profits here. Another one comes at 11305 with a stop loss of 11090. Nifty seems to be moving sideways for a couple of sessions now and it is suggested to be cautious of any move on either side.
Nifty bank continues to be high on the curve currently lying in the supply zone of 30641 with a stop loss of 31660. Fine tuning this we have another supply zone of 31323 with a stop loss of 31660. Looking at demand zones on the lower side we have one at 30598 with a stop loss of 30340, one could look at booking some profits here. Another one comes at 29516 with a stop loss of 28923.
It is suggested to continue holding our shorts for the moment following stop loss as mentioned earlier. One should avoid taking any fresh shorts at the moment and wait for the range to be played out in the coming week. Looks like the indices may try to violate the range on either side in the coming sessions which may bring in some volatility. Going forward, being cautious would be the play of the week.
Nifty continuing to be in uptrend holds a key supply zone of 12016 with a stop loss of 12106. The bulls however would be eyeing lower demand zones which comes at 11657 with a stop loss of 11490, can look to book some profits here. Another one comes at 11305 with a stop loss of 11090. Nifty seems to be moving sideways for a couple of sessions now and it is suggested to be cautious of any move on either side.
Nifty bank continues to be high on the curve currently lying in the supply zone of 30641 with a stop loss of 31660. Fine tuning this we have another supply zone of 31323 with a stop loss of 31660. Looking at demand zones on the lower side we have one at 30598 with a stop loss of 30340, one could look at booking some profits here. Another one comes at 29516 with a stop loss of 28923.
It is suggested to continue holding our shorts for the moment following stop loss as mentioned earlier. One should avoid taking any fresh shorts at the moment and wait for the range to be played out in the coming week. Looks like the indices may try to violate the range on either side in the coming sessions which may bring in some volatility. Going forward, being cautious would be the play of the week.