morning thoughts...
The markets opened weak and reversed from the resistance mentioned and took supports ot 1st cushion levels , the coming session may see some more weakness and may again bounce back as markets are now at and very close to 2nd cushion levels and would try to attempt 11600 and 27650 again on nifty and bank nifty respectively
The bank nifty has taken supports at much higher levels and have seen a good accumulation in last hour of trade yesterday along with good buying in axis , icici bank
We have already posted charts of same last week and have been long in same
As the index remained highly volatile , side line counters saw good correction with some buildup in metals and banking stocks which are looking good for short term
Nifty on the upside has crucial resistance at 11633 levels with bank nifty at 27639 which acts as a hurdle for both , above which the sail is smooth for 11700-11900 levels and 28000 for nifty and bank nifty respectively
On the lower side as intimated 11400 and 27200 acts as crucial supports for both the indices below which 11300 and 200 on nifty and 27000 and 26800 on bank nifty can be seen
So in the coming session we may witness a high volatile move with swing on both ways and a buy in panic is the strategy for 1-2 session with supports and resistances mentioned
Stocks with high beta and rsi are preferred in all lower markets such as metals , auto and banking stocks
Commodities have attracted value buying at lower levels and still looks good for longs in bullions , base metals and energy
The markets opened weak and reversed from the resistance mentioned and took supports ot 1st cushion levels , the coming session may see some more weakness and may again bounce back as markets are now at and very close to 2nd cushion levels and would try to attempt 11600 and 27650 again on nifty and bank nifty respectively
The bank nifty has taken supports at much higher levels and have seen a good accumulation in last hour of trade yesterday along with good buying in axis , icici bank
We have already posted charts of same last week and have been long in same
As the index remained highly volatile , side line counters saw good correction with some buildup in metals and banking stocks which are looking good for short term
Nifty on the upside has crucial resistance at 11633 levels with bank nifty at 27639 which acts as a hurdle for both , above which the sail is smooth for 11700-11900 levels and 28000 for nifty and bank nifty respectively
On the lower side as intimated 11400 and 27200 acts as crucial supports for both the indices below which 11300 and 200 on nifty and 27000 and 26800 on bank nifty can be seen
So in the coming session we may witness a high volatile move with swing on both ways and a buy in panic is the strategy for 1-2 session with supports and resistances mentioned
Stocks with high beta and rsi are preferred in all lower markets such as metals , auto and banking stocks
Commodities have attracted value buying at lower levels and still looks good for longs in bullions , base metals and energy
