Nifty Prediction for the day

It's time to take things easy. For this rally to continue, we need a decent dip to weed out weak traders and also bring in fresh hands. Normally trading is more about following the trend and trailing your stoplosses: If for some reason, we get a dip till 16400 or 16450, then it would be great for this upmove to continue. The faster we go, the weaker we become.

#Derivative. Data clearly suggests couple of mixed days coming and we are looking at a negative opening. I have been saying, it's a stock specific market and not an Index market. Data also suggests the same. 

#Nifty. 16445 is the most important level on the downside. This should be the first level of support on the downside. The real test of strength is when the market corrects and then stays there for a few days and then move up.

#BankNifty. Was the weaker index. 35500 is important level of support. It should hold. If on the upside, it crosses 36100, then Bank will take the leadership back from IT.

Today is the day to book profits.

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