Nifty attempted to touch 9843 but the rise got sold into. Since then it was a range bound trade through out the day. The close was 9794.
Bank Nifty attempted to climb 24132 but the same could not happen till the end of the day and closed at 24083.
The market does not have any good news to cheer about and gallop. Even a small upside momentum does not sustain for an hour and market goes range bound means the it is in sell on rise mood. Better to be short in the market as Puts are hot favorite now.
Nifty above 9940 and BNF above 24520 means one can go long. Till then Call Options are meaningless.
If Nifty Future breaches 9730, you can see 9300 for sure. Similarly if BNF breaches 23825 then you will end at 21900.
This correction can last for some time and reversal is possible only after hitting the targets.
I am not giving any positional level numbers as levels are meaningless in a falling market.
Go by trend and make profit and do not get stuck in black hole.
Happy Trading!!
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