Nifty opened above at 11543, and moved very fast to reach 11666 in the first 15 minutes of trade. Later in the day, it again surpassed morning high to 11695, but could not retain the gains and closed at 11600.
Bank Nifty too opened above 30,000 and touched 30800 and closed at 30566.
Index has moved roughly 1000 points during the last two days. The index made indecisive spinning top pattern on the chart indicating consolidation in the next few sessions. Bulls certainly have upper hand.
Below 11515/ 29975 we may see profit booking which could lead index down to 11402/29459. In the worst scenario we may see 11249/28905 if the weakness continues.
Keep your exposure mild and do not chase the momentum. It could be disastrous.
Watch out 11500 PE. The entry price, SL and targets have been sent to members on board. The exact level of nifty where one should enter into PE at the best price is critical. This has been done and dusted. Use my level below for entering CE/PE tomorrow. I will explain how to use it if you miss trade tomorrow by evening.
Nifty level Resistance 11655/695/765 Support 11515/471/400/250
BN Resistance 30605/801/31118 Support 29975/29776/29459/28904
Good Luck!
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