Nifty surpassed 10900 in the initial hours of trade and there after slipped from there indicating the top is almost over.
Bank nifty also closed below 26500, indicating the exhaustiveness and too much of stretching in the index there by got nullified with a flat close.
In Gujarat election results, we saw index touching low and climbing up. In Karnataka elections, we are witnessing exactly the opposite. Index kissing the top and plummeting. So there could be much more down side in the offing. Global cues are also in support of down trend.
Stay away if you are long.
Nifty range - 10670-820
Bank Nifty - 26280-26480
Bank nifty also closed below 26500, indicating the exhaustiveness and too much of stretching in the index there by got nullified with a flat close.
In Gujarat election results, we saw index touching low and climbing up. In Karnataka elections, we are witnessing exactly the opposite. Index kissing the top and plummeting. So there could be much more down side in the offing. Global cues are also in support of down trend.
Stay away if you are long.
Nifty range - 10670-820
Bank Nifty - 26280-26480
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