Nifty Technical Analysis
Nifty spot closed at 8551 with day’s low being 8518. In last 1 hour of the trading session, we saw recovery in nifty due to short covering. F&O options data are still not giving any signs of recovery. Market is stock specific and better to trade in stocks as per result based view. Immediate resistance for nifty is 8600 above which we can see 8640-8680. Now fresh shorts can be made below 8540 for target 8472.
Bank Nifty Technical Analysis
Bank Nifty closed at 18572 with yesterday’s low being 18444. We had target of 18473 which was achieved. Technical indicators are oversold therefore bank nifty can consolidate between 18473-18850 level for next week. Therefore, traders can enter long positions above 18650 for target 18750-18850. If today’s close breaks the support level of 18473 then the next target will be 18114.
Recommended for you
1 Comment
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Pingback: Nifty Technical Analysis- High Risk Trading Zone - Finance Minutes