It was a much expected move in Nifty and Bank Nifty yesterday as alert has been given to all to trade with caution.
Nifty slipped from a high of 10480 and touched a low of 10340 before it close at 10350, near the lowest point of the day. This signals further downward move likely to continue unless it moves above 10380 and trade above this for a while. On Nifty a further down side up to 10250 is expected if it does not hold 10380.
Bank Nifty also could not reach 25700 and once it breached 25500 we witnessed a low of 25250. I have already indicated that Bank nifty may revisit 25200 during this week. Since this is already done one can expect a maximum of another 250 points on the down side up to 25000. This can be considered as a strong support for Bank nifty.
It is expected that the down trend likely to be there till this Thursday as BNF CEs up to 25500 may go worthless.
Trade on Options already informed to members on board!
Happy Trading!!
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