Today both Nifty and Bank Nifty could create a New High. Nifty shied away from high and closed roughly 100 points down. Bank Nifty after correcting 400 points from top, again moved up in the last 45 minutes of trade to touch 31850 and closed at 31720. Those shorted BN thinking of making good returns out of down side move, got trapped in the last 45 minutes as the reversal was very fast to trigger the margin money on short positions.
Again we could observe nifty and BN not synchronizing till now. Nifty is not getting any benefit out of BN move and we still find nifty below our critical level of 12050.
Out of Nifty 50, only 18 scrips closed positive and the balance 32 negative. Yet the trend is intact. The fall was with in the range and support seen at 12000.
The weekly support lies at 11965/ 31250. A close below these numbers indicates down trend. Will keep you updated on the levels.
Range for tomorrow - Nifty 11950-12200 BN 31300-31950.
Nifty range is getting wider. Having fulfilled the wishes of every investor by creating a new high, one should not feel disappointed now if nifty takes a breather.
Keep your exposure mild. Expect the unexpected to happen.
Learning is a continuous process. Keep learning everyday from market. If you do not pick a new lesson from market today, it means you are not learning, because the market you saw yesterday is not the same as today and same rule applies for tomorrow.
Good Luck!
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