Markets continue their upward move. The Nifty has touched and crosses 8800.
NIFTY: Markets continue their upward move. The Nifty has touched and crosses 8800. The Index is within striking reach of its all time high which was at 9119.20.
SIGNIFICANCE OF 9000 NIFTY
Since November 2014 to January 2017, the Index has been in a trading range between 8000 to 9000. For a few weeks, the Nifty did go below 8000, but that was probably a short term move. For the most part, the Nifty has been locked inside 1000 point range for over 27 months.
As the market approaches 9000 again, there are two possible scenarios:
(a) The Market may face resistance at 9000 approx and come down again, remaining locked in this range, or
(b) The Nifty may cross 9000, thus breaking out of this range.
If (b) comes about, the Nifty may have a minimum target of 10000 and maybe more.
Since the trend is UP, we stay long. We do not worry about what the market will do. We just do what we have to do. In an uptrend, we should be long, and, we are so.
BANK NIFTY: We were buyers in the Bank Nifty above 18200, following the 15 minute rule. The High for the first 15 minutes was 20430, which was exceeded subsequently. We are long in the Bank Nifty at 20430. Please keep a stop at 20160.
We will sell the Bank Nifty at 10.30 AM on Wednesday, just before the RBI meets to announce its rate policy. We do not wish to carry the trade into a news event.
DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014
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