BankNifty & Nifty Detailed Analysis for day

We had well deserved dip yesterday and some more should come today. I do not say that, markets have reversed but we need lot of time for consolidation here. It will help cool nerves, volatility and also bring in fresh buyers and sellers which will give a new direction to the markets.

The important point is that we are still in a bear set up. These pullbacks are the toughest to trade but we need to stay away from buying as of now. Swing trading is a different method. It is applicable in any kind of markets.

#Nifty. Yesterday, Nifty made a long doji candle on the daily charts indicating confusion at the highs. 16680 is the intermediate top and support is placed at 16445. I expect price action for the day yo be within this range.

#BankNifty. Clearly the weaker Index. 35800 is the support and 36800 is the resistance.

#Derivative. Data setup is bearish. Pls understand stock futures data is for the month but Index option positions are for the week. 

Clear sell on rise.

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