Last week close of Nifty future as well as Bank Nifty future is near all time high. This has happened after two days of consolidation and retaining all gains made during the week. The market breadth looks good and one must hold long position till we achieve 10567/ 25870 in NF/BNF.
As we are in all time high and creating new highs, one must remain cautious at these levels and trade with stop loss 5% below your buy price to avoid disappointments/ loss. The reason is, normally market corrects every year during November and December and again moves up in Jan/Feb. To remain cautious is better than regretful.
The range for BNF during next week is 25225 to 25975. The range is wide and there are chances of visiting 25200 in the coming week. Upper side move is limited due to stiff resistance seen at 25870. keep an eye of 25500 PE. Buy it when BNF trades near 25850 and exit when BNF trade near 25200. Better to trade on month end PE if one feels to protect capital and pay safe.
On Nifty Futures the range for next week is 10400-550. Exit from long at 10550. One can think of buying PEs if at all NF breaks 10400. Till then no SHORT no PEs.
All those holding CEs, must hold and book profits at 10550 and wait for next trade.
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