Today Nifty futures closed below 10500 and near day's low. The close signifies indecisiveness of index.
The major component of Nifty,, Bank Nifty is also not well aligned with nifty and it is in the opposite direction. We have been seeing BNF not able to cross the critical level 25775. But now it has closed below 25500. This is an indication of some more correction in the offing.
Stay away from being long.
One can short Nifty below 10476, with SL 10530 for target of 10360/322 next week. Bank Nifty future can be short at current level with SL at 25575, for immediate target 25370.
Please ensure SL while shorting index futures.
Happy Trading!!
The major component of Nifty,, Bank Nifty is also not well aligned with nifty and it is in the opposite direction. We have been seeing BNF not able to cross the critical level 25775. But now it has closed below 25500. This is an indication of some more correction in the offing.
Stay away from being long.
One can short Nifty below 10476, with SL 10530 for target of 10360/322 next week. Bank Nifty future can be short at current level with SL at 25575, for immediate target 25370.
Please ensure SL while shorting index futures.
Happy Trading!!
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