BULLISH UNDERTONE PERSISTS IN THE MARKET; NIFTY CLOSED ON A NEW 18-MONTH HIGH
BULLISH UNDERTONE PERSISTS IN THE MARKET; NIFTY CLOSED ON A NEW 18-MONTH HIGH; HOLD ON TO LONG POSITIONS WITH A REDEFINED STOP LOSS; BANK NIFTY OUT PERFORMANCE CONTINUES; IT STOCKS REMAIN AN AVOID.
NIFTY: Nifty started the session with a minor gap down and made a low near 8896 initially. After that index traded narrow but positively crossing 8950 and eventually closed near the highs above 8950. Nifty has closed on a new 18‐ month high showing the strength of the bulls in the markets. The index had seen a big up move since a breakout from trading range. Now prices are trading narrow from last couple of days which is a sign of another up move. Prices are trading on new 52‐week highs so we may see this move on the upside.
BANK NIFTY: Bank Nifty continues trading narrow for the second consecutive day. The index has seen an upside move from 19096 to 20575 (1479 points) in just 7 trading days. After such a sharp move prices tend to consolidate and trade narrow. This represents the concept of expansion and contraction. This narrow trading suggests that the index is getting ready for another big and sharp move. When this move will come and which direction only time can tell.Trend is strongly on the upside and prices are surging towards lifetime high (20907) which it made last year. Therefore, traders should only look for a trading opportunity on the long side on dips and consolidation and avoid any kind of short selling. Our long trade closed yesterday with a stunning gain of more than 800 points. Now traders should wait for the next trading opportunity. We should wait for the next entry level till then wait.
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