Last week nifty formed a low of 11235 on weekly expiry day, forming a bearish belt. But it opened with a gap up on Friday to close yet again a new high created during this week, 11390.
It is advised to remain extremely cautious as profit booking at higher levels are likely during the first two days of the week.
Nifty is likely to be bullish and the trend is up. If 11429 is crossed on a daily close basis, then next destination is 11600+. Bank Nifty will witness 28592.
Do not Short this market.
Since this month is very long and the expiry is on the penultimate day of the month, we can witness high volatility. But it is prudent to be on the long side as long as Index does not fall in sell zone - 11222 and below.
Happy Trading!!!
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