This month nifty has traveled from 11570 to 11855, just 285 points and it has taken almost 15 sessions to reach target set by me 11855.
Bank nifty has crossed 30500 only on 16th April and again not able to sustain high and fell till 30150 and closed around 30225. This does not augur good for the bulls.
The Ces could not fetch good returns on Thursday even though the VIX was all time high.
There are enough indicators signalling some pull back in the market.
Do not be bullish unless 11855 is taken out on a daily close basis. Exit from longs if Nifty close below 11731.50, as the fall could be till 11570.
Watch 11600 PE of May expiry which is already taking strong support from its latest bottom price.
Good Luck
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