1st dip is always bought into. We had it on Friday, hence FOMO can kick in. People who missed the rally wants to enter when the markets corrects towards 1st level of support.
Technical Analysis says, if the dip is shallow, with low volumes and the next highs are higher then the rally continues. Else, we may see 2nd dip. Reversal normally happens in the 3rd dip in a strong rally and 2nd dip in a weak rally.
Nifty. Support is placed at 18000 and 17980. Resistance is placed at 18180 and 18260.
BankNifty. Gave a decent correction but closed at the support placed at 42800. Another dip of 250 or 300 points should be the support for the day and resistance is placed at 43200.
