Nifty closed above 11650 on Friday, the last 30 minutes move took nifty above critical levels. Index is not giving up 11570 which was previous expiry close. This indicates the trend being continued. Bank Nifty too closed above 30k.
Nifty must close above 11761 and BN must close above 30520 to clinch new high. Till then any rise is profit booking.
While the upside is limited, the downside risk looks more if 11570/59 is not held.
Avoid buying on dips.
Be stock specific and try to identify the scrip which can move up.
Good Luck!
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