Nifty opened flat and touched a high of 10342 and a low of 10276. No attempt has been made to clinch the 10373, the high achieved on 17th. On the contrary it has gone below Friday's low before closing at 10318, being 20 points above previous close.
A close above 10343 only takes nifty to higher levels. Till then it is a wait and watch game.
Bank Nifty also did not attempt to scale up to move above 25975. This clearly indicates more sideways move in the coming days. It is closing below two monthly upside targets of 25975 and 25867 and this is a point of worry for further bullishness in bank nifty.
A close below 25550 indicates bearishness and a move up to 25351/25193. One can initiate shorts if BNF trades below 25550.
Nifty futures to go bullish on a daily close above 10343 and weak only below 10119.
Take long position above 10343 and short only below 10250 for target up to 10119.
Happy Trading!!
Indian Equity benchmarks after a nearly 600-point rally on the Sensex in previous two consecutive sessions had a lacklustre day. Free Commodity Tips
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