Worrisome street eventually gives up in panic ending the week in negative major indices. Nifty ends 300 points lower while the Nifty bank ends down by 2000 points. As mentioned last week both the indices were our short candidate, seems no respite for the banking sector as RBI too was not able to convince the street. Ideally suggesting there is more panic coming which would add fuel to the fire.
Nifty continues to be high on the curve alongside a downward trend clearly suggesting to be a shorting candidate. Looking at supply zones we have one at 11314 with stop loss of 11400 and at 11474 with a stop loss of 11593. It is suggested to look for shorting opportunities at these levels. Demand zones however come in at 10746 with a stop loss of 10670, coinciding zone comes at 10655 with a stop loss of 10585. These demand zones would be crucial to watch whether for dead cat bounce or we continue downward breaking them as well.
Nifty bank too continues to be high on the curve with early signs of downtrend, suggesting to look for shorting opportunities. Supply zones come at 28414 with a stop loss of 29526. Another one comes at 29640 with a stop loss of 30718, higher time frame supply comes at 30641 with a stop loss of 31660. Looking at demand zones we have one at 26866 with a stop loss of 26643. Another one lies at 26286 with a stop loss of 26163. For the nifty bank too the demand zone might bring some real demand back or we continue downwards would important to watch.
The Indian government tries to cheer up the street with various reforms, however the back bone seems to be much weaker than it seems now. With the latest addition of PMC Co-operative it is for sure going to take a while for the repairs to take place. Suggesting to be cautious and maintaining lighter positions would be beneficial at all times.
Nifty continues to be high on the curve alongside a downward trend clearly suggesting to be a shorting candidate. Looking at supply zones we have one at 11314 with stop loss of 11400 and at 11474 with a stop loss of 11593. It is suggested to look for shorting opportunities at these levels. Demand zones however come in at 10746 with a stop loss of 10670, coinciding zone comes at 10655 with a stop loss of 10585. These demand zones would be crucial to watch whether for dead cat bounce or we continue downward breaking them as well.
Nifty bank too continues to be high on the curve with early signs of downtrend, suggesting to look for shorting opportunities. Supply zones come at 28414 with a stop loss of 29526. Another one comes at 29640 with a stop loss of 30718, higher time frame supply comes at 30641 with a stop loss of 31660. Looking at demand zones we have one at 26866 with a stop loss of 26643. Another one lies at 26286 with a stop loss of 26163. For the nifty bank too the demand zone might bring some real demand back or we continue downwards would important to watch.
The Indian government tries to cheer up the street with various reforms, however the back bone seems to be much weaker than it seems now. With the latest addition of PMC Co-operative it is for sure going to take a while for the repairs to take place. Suggesting to be cautious and maintaining lighter positions would be beneficial at all times.