Yesterday we have seen mind blowing rally in Nifty and Bank
Nifty futures. We clearly indicated on Friday that we will expect sharp bounce
back from lower levels. We have seen almost 200 points rally in a day and 300
points short covering rally.
Most of the stocks took U-turn and post gain of more than
10-20%.
Now what to expect???
Nifty future has hurdle at 7225. Still looks positive and
could test its resistance.
Two consecutive closes above 7225 will see further
upside rally till 7290---7330 and then to 7400+ mark in days to come else it
could test its support level of 7130---7090 and then to 7040 mark again.
Friday's low is very crucial and unlikely to breach its support in near terms.
On the other hand... Our downside target in Bank Nifty hit
successfully and bounced back.
Above 14550 we will see further upside rally till
14700---14800 and then to 15050+ mark in days to come.
Traders can trade with levels only. Anything reversal seems
will update during market hours.
Today's Top Pick
DRREDDY future ... Support at 2810 and resistance at 2870---2930.
Above 2870 we will see rally till 2900---2930 mark. Close above 2930 will see
more upside rally in it.
Fresh selling can initiate only close below 2810 mark.
BHEL future... Above 110. Catch it. We will see rally till
114---117+ mark in days to come.
Most of the stocks looks positive on charts like Grasim...
Reliance Industries... Coal India and many more but target and stop loss ratio
is unfavourable at this stage. Friday's low is crucial is each and every
stocks.
So trade safely with levels only....
More will be update during market hours only on our Android
App!!
