Supports: 5042 is the initial/immediate. Holding onto that Nifty can manage it up move again, but further weakness can bring it down towards 5000/06 zone. In between 5025 can play pivotal for these two levels.
Resistances: 5094-5105/12 big hurdle to cross on the upside. Second resistance can be used as a stop loss for any short trade. Above that 5122 will be challenged again for further target of 5140-5170 as discussed.
SIR I have been watching and fallowing your views on Nifty since a month it is fantastic and working well.Can you plz add your views on BANKNIFTY Future also?
ReplyDeletethank you
Good afternoon Sir,
ReplyDelete5140 worked great , thank you. But I have 1 query, are you expecting this correction to be shallower one or one can buy into after a 30-40 points dip? thank you.
the first resistance of the day (5095) should act as pivot for the day. Below that 5075-5042 can be targeted.
ReplyDeletei have purchased reliance capital on 17 nov 2009 for 908, pls advice me how along should i wait to sell.
ReplyDeletevenkatesh kumar said...
ReplyDeletei have purchased reliance capital on 17 nov 2009 for 908, pls advice me how along should i wait to sell.
Hello sir,
ReplyDeleteI am not able to read ur reply.
regards,
venkat
@ Vallala,
ReplyDeleteI have restricted my blog strictly into nifty only. seldom i do give stocks view (previously given on RIL, TISCO etc). Will try to study bank nifty and update whenever i can . Daily analysis is tough as of now. I hope u understand. Thank you.
@venkatesh,
ReplyDeleteRelcap has got quite a decent support around 8250-820 zone, which can be s/l for long from medium term perspective , on other hand holding that support it can move towards it's resistance 945-960, above which it gain some serious momentum. taking into longer term into consideration 700-1000 can be a broad range to trade.