Market will be giving it's gains in morning and will try to come to yesterday high. It appears Nifty 17500 will be a stiff resistance. We want consolidation to happen for this uptrend to continue.
We completed out targets of 16350. The beauty of human nature cannot be matched. "Highest volume happens at the lows and at the highs". The same happened at 15300 and 17300. As I said, it's time to take a breather and re assess the trend.
Overall trend is bullish and its buy on dips sequence. We completed 61.8% retracement. The problem lies with stoploss. At 17350, risk reward is not in favor of bullish positions.
#Nifty. Immediate resistance is placed at 17350 and support comes in at 17180. For positional trades, support comes in at 17000.
Youtube chartists should focus on on 20 and 50 EMA.
BankNifty. Support is placed at 37300 and resistance at 38500. The range is wide as per charts and also as per options data. It's buy on dips.
Derivative. This is very interesting. Data formation is not only bullish but heavily skewed on the long side. The only issue is high PCR which should be taken care of on the dip.
Today will be the day of patience. Wait for your opportunity to make money. Trades have been shared on Twitter.
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