Nifty gave a range bound session and added one more resistance at 5170 levels. The volumes were not bad and it indicates buying on dips scenario in the market. Two banking stocks that we mentioned yesterday ,SBI and ICICI bank gave a decent up move and traders could profit from this move. One major worry for Nifty would be dollar trading above 48. Implied volatility has increased and it shows short positions building up at higher levels .Once Nifty crosses 5180-5200 levels these shorts would get covered lot of long positions would be added and the move would be a much sharper one.
As per time study September 21 was an important date to decide a crucial level for the market.On the downside if Nifty comes down it should touch 5040 - 5000 levels on 22 or 23 of September. As i mentioned in the previous post no need to create any long positions in Nifty at these levels . Let it cross 5200 levels and stay long for a 100 points move. If nifty is not able to cross 5180 levels this week it would most probably touch 5000 levels on 27th or 28th of this month.
No comments:
Post a Comment