The Nifty future level - target 1 - 10080. If this sustains on a daily basis one can go long and the month target is 10400. But one must try to enter 10100 CE at current level 55-65 to gain good returns. Exit from this trade when NF closes below 9925 on a daily basis. Keep your entry price as SL to avoid any loss on capital. Down side is 9575-9450 in the event of any negative cues.
Bank Nifty Future Target 1 - 25366. If Nifty is also well positioned BNF likely to cross 26000. Stop loss for this trade is 24475. Bank nifty has to cross 24680 and 24880. Downside is 23450/22850 if the market goes into correction mode.
With Geo political threat around, we must be cautious and try to avoid carry over of option position.
The upside rally likely to continue till 10080 and may take a break. One cannot expect a vertical candle to clinch 10300-400 in 5 trading sessions. Remember, the above are targets for September 2017.
Note down the above levels and take position accordingly.
Happy Trading!
On Friday SGX Nifty was near 9850 twice for a very short time.Sir what may be the technical reasons?
ReplyDeleteShorts were covered before taking index upwards.
ReplyDelete