Nifty had quite a good run from the support zones and it is expected to trade till 6200-6250 with a reversal below 5820-5850. Yes , we are close to the resistance part and don't chase the market for a break out to buy ,but wait for consolidations to be a buyer at the support zone. It is explaining a typical bull market scenario where almost all the sectors are participating and that is what is exactly a decent run up means. A confusing figure of 6000 or 6100 cannot make market expensive because just 2-3 weeks ago only broader indices started to out perform , thus buy the dips. If we take the broader indices we could see bank nifty has a decent support close to 10k zone where some important moving averages and a trend line is placed and the indices have a little more to go before going to the overbought territory and none of the stocks are in an exhaustion stage. It is time to enter into good stocks and i had already mentioned two in the previous posts. Nifty has enough cushion at 5900-5950 in the current expiry and a dip to these zones can be a good buying opportunity and that too with November call options.
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