The expiry day saw nifty closing below 10300 and subsequent down trend on Friday indicated the clear capping of any upward move in nifty. The key level to be watched is 10125 which was the previous low in Nifty futures from where we saw a big jump to 10400 during last month. If 10125 is also broken, then the next support is 10034 failing which nifty future could see a low of 9750.
Bank Nifty is trading very near to last month low of 25193.
In totality, both the indexes are under sell mode. Since we are in oversold territory, there could be a relief rally which can be used for exit from long positions by 7th of December 2017. The RBI policy is expected to give some relief to bulls to exit from longs before market again snaps up move due to election fever.
Nifty is bullish above 10360 for climbing new high above 10530 and bearish below 10035 for target 9916.
Bank Nifty bullish above 25575 for target 26500 and bearish below 25138 for target 24880.
Happy Trading!
Sir, under this circumstances which would be profitable for small traders like me? Intraday or potioonal? Should candle patterns may guide us to arrest the high volatility?
ReplyDeleteCorrection : Positional
ReplyDeleteThe correction may end some where here. Maximum another 50-70 points. Recovery will be very fast up yo 10280-300 where all PEs will get etoded. Take 10300/400 CE on tuesday for multiple returns
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