It is immensely satisfying to be on the right side of the trend, to be corrected when it matters the most. The potential gap down of 275 points does not in anyway indicate trend reversals but correction of the illogical move we saw on Tuesday last. We fell nearly 300 points on Monday, rose 400+ points on Tuesday. Nothing changed in 24 hrs except the fact that some segment of market participants were heavily short on call options and went running for cover.
Another fact is Indian markets have the bast chart structure amaong peers. We are comfortably trading above important moving averages when compared to European and US markets. We are at level where our outperformance is standing out and some mean reversal is expected. So, expect some time and price consolidation yo continue.
Another fact is Indian markets have the bast chart structure amaong peers. We are comfortably trading above important moving averages when compared to European and US markets. We are at level where our outperformance is standing out and some mean reversal is expected. So, expect some time and price consolidation yo continue.
Do remember to check our Nifty & BankNifty Prediction every day and make money like a pro trader.
Nifty & BankNifty Prediction
Nifty. If we open as per SgX, then support on spot price comes in at 17350 and then 17180. On the upside, data is scattered but still 17630 should be the resistance for the day.
BankNifty. It gave a beautiful breakout and the structure suggest another attempt will be made towards 40000 level only if Bank Nifty holds 38750. Below this, we are on slippery wicket and won't create longs.
#Derivative. Data is neutral to bullish. We have high probability that the evening lows are held for the day and next week. Since FO volumes are abnormal and it changes everyday, trading a data based trend is not advisable.
BankNifty. It gave a beautiful breakout and the structure suggest another attempt will be made towards 40000 level only if Bank Nifty holds 38750. Below this, we are on slippery wicket and won't create longs.
#Derivative. Data is neutral to bullish. We have high probability that the evening lows are held for the day and next week. Since FO volumes are abnormal and it changes everyday, trading a data based trend is not advisable.
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