Nifty hit a fresh high of 2016 and touch 8300 mark on Thursday trade
Nifty‐Nifty hit a fresh high of 2016 and touch 8300 mark on Thursday trade, indicating bullish bias are active on every level. Nifty opened with gap up and hit intraday high of 8308,Among sectoral indices, PVT banking , AUTO, PHARMA, cement were the top gainers followed by IT AND CAPITAL GOODS Technically nifty is making higher highs and higher lows since the past four sessions, opened with a runaway gap for the second consecutive session. We have seen a strong recovery from recent swing low of 7,927, as of now index is trading near to crucial resistance 8300 and it would be now challenging to hold above the 8,330‐8350 zone to start a fresh leg of the rally, if index will sustain above 8330 then it will fuel further upside in the index for the target of 8550‐ 8650.On the other hand if index does not break this level then we should wait for some correction till 8200 but immediate positive trend remains intact, but traders have to be cautious as both the indices nifty as well as bank nifty are near their crucial hurdles .
BANK NIFTY‐Bank Nifty started the session with a gap up of nearly 150 points; prices traded choppy inside a narrow range for a while then breakout occurred which took prices to day’s high. Eventually, prices closed near the high on the F&O expiry. On the daily charts, the index is trading higher in a staircase pattern from last four trading days. Prices broke down from range (17500‐18000) due to the Brexit news event but after that, Bank Nifty did not see back at all. First, it came back to the trading range and now it is at the verge of a breakout.Trading range Breakout would be an opportunity for traders to enter a new trade; buy the Bank Nifty above 18050 levels and if that trade executes then put a stop loss at 17800
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