Bank Nifty has hit the target of 26600 and took a reversal from there. Nifty has taken support at 11278 and further downside is negated as the major component has already hit target as per my previous post.
From 11760 to 11260, nifty shed 500 points. Now retracing could be anywhere between 38 to 50%. Whenever steep / quick fall happens, it won't retrace to 62% immediately. As per the above, nifty likely to reach up to 11510 till month end expiry.
Bank Nifty reversed from 28200 to 26600. Totally 1600 points. Assuming 50% reversal of 800 points, BN may reach 27400 till expiry.
Does not sound logical??
Do not get carried away by gap up and gap down as these are traps to grab your money.
We have only 8 trading days, excluding today. Be careful. Down side may open only if 11278 is broken. Upside is possible if 11620 is surpassed. Now the gap is 11278-11620. Do not gamble when the gap is too wide. 300+ points.
Avoid buying options, instead sell CEs above 11600 and PEs below 11200.
INDEX IS RAISING!! NO SHORTS.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.