Yesterday we clearly indicated that Nifty future has support at 7370 and we do fresh selling only below that mark. It unable to breach its support level of 7370 and bounced back sharply again. We recommended fresh buying above 7500 mark. Nifty gained 46 points and closed at 7531. Nifty closed above a resistance of 7500 which can turn out to be positive for the market in coming days along with it Bank nifty remained positive and closed at 15329
Our blog call proved great. We recommended selling in Mindtree below 1538 on our blog. Although there was bonus announced stock still fell more than 30 points after opening at 725.
Now what to expect today???
NIFTY: Nifty futures looks positive on Charts as it closed above its resistance level of 7500. We can see the market rally to its next resistance of 7570---7630. More and more power will see only close above 7630 mark.
Alert: Three consecutive closes + weekly close above 7440 will take to 7800---7900+ mark in days to come.
Support and stop loss intact below 7370 on closing basis.
BANK NIFTY: Support at 14900---14600 and resistance at 15400. Close above 15400 will see further upside rally till 15800---16050 and then to 16750+ mark in days to come.
We are highly bullish in Nifty and Bank Nifty and any sharp panic will be buying opportunity in it but trade with levels only.
More will update during market hours.
Today's top pick
Axis Bank (Future).... we have seen positive momentum in it. Above 415... we will see further upside rally in it till 424---430+ mark in days to come.
Yesterday's low is very crucial... So maintain stop loss below 405.
More will be update soon during market hours only on our Android App!!
