The week witnessed a low of 11391 and a sharp bounce towards 11600 and a weekly close 200 points above the low. Bank Nifty also shed more than 1000 points but recovered 350+ points only from the low of 27140.
Everything happened in the wink of an eye.
Unless the index breaches the last week lows, we cannot initiate short position. Similarly as long as index is below 11620/27772, we cannot go long.
We are in no trade zone where the direction is undecided. Better to be on the sidelines and wait for the right time to enter.
This week range for nifty and bank nifty is 11500-11650 and 27310-27660.
A decisive close above the top band gives way for initiating long position in index and vice versa.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.