Nifty Closes Above 8900; The Index Retained Its Uptrend For The Second Consecutive Session Tuesday
MARKET OUTLOOK – 22 Feb, 2017
Nifty Closes Above 8900; The Index Retained Its Uptrend For The Second Consecutive Session Tuesday, Led By Nbfc And Pvt Banks; Short Term Trend Is Up; Bank Index Is Trading Near Its Life Time Highs; Stay Long With A Tighten Stop;
NIFTY: NIFTY opens near 8890 with minor gap up. Prices traded very narrow in a range of just 60 points. The index closes near its day high with a gain of 28 points. Today was a choppy day in the index. Prices opens higher then moves down and then a sharp rally in last hour of trading help prices to cross 8900 level. Overall today’s price action was in favor of bulls only. Also prices traded very narrow today suggests a big move may come sooner. The index is now heading towards 9000. Prices are now at the verge of breakout from its previous swing high recorded at 8966 on September 7‐2016. Prices may take out this high in current week. We are now long in the index. Trades should focus on IT, ENERGY and INFRASTRUCTURE for taking a long trade. Avoid short selling.
BANK NIFTY: BANK NIFTY opens near yesterday close. Prices first traded choppy and saw a minor decline. The index started an upside rally in last two hour of trading which helps prices to close above 20800 with a gain of almost 184 points. Private Sector Banks are outperforming the whole index. We should avoid trading in the PSU BANK and look for buying in PVT Banks only. The index is now trading near its life time highs. Please remember new highs are always bullish. Yesterday we have suggested a trade to above the first 15 min high with a stop just below 20450. This trade executed near 20715. We are now long in the index. We are advising to tighten the stop at 20500. Exit if prices cross below this stop any time.
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