Yesterday Nifty opened down from previous day‘s close and crashed more than 150 points. We had given on our yesterday’s blog that 7700 is the nearest support, Nifty broke it yesterday and crashed like anything.
Bank Nifty on the other hand crashed 495 points and was actually the cause of market fall. It broke an important support of 16000 and closed at 15700.
Market did not take any pull back while going down and fell as soon as the rate cuts were announced. Expectation of rate cut is too high that's why market didn't digest.
Our Calls still stand good despite market weakness.
Now what to expect from Nifty and Bank Nifty in future!!
Nifty Futures broke an important support of 7640 so there are chances of its weakness to remain and it could test its next support of 7580.
More and more panic will see only close below 7580 mark. Immediate resistance is now at 7680.
More and more panic will see only close below 7580 mark. Immediate resistance is now at 7680.
Bank Nifty on the other hand has a support at 15600 and could get a small rebound from here. A break of this level can expect to test its next support of 15400---15250. Resistance is at 16000.
Traders can trade with levels only and wait for confirmation. Anything seems will update via App
Today's top pick
Yesterday market turns negative and most of the stocks are too in red zone. It looks like reversal on the part of correction. For this week we will expect market to remain negative.
Try to exit from all long stock for time being. We will re enter again in the market.
HDFC (future)... Below 1086. Sell it with stop loss above 1112. Target looks 1053---1038.
More will be update soon during market hours only on our Android App!!
