Nifty open with positive bias traded sideways and settled on a flat note
Nifty Pause Continues; Short Term Buying Opportunity If Index Shows Strength Tomorrow; Possible Double Bottom In Nifty Suggests Potential For Big Rally Once Nifty Goes Above 8275; Avoid Banks, Focus On Oil Gas, IT And Cement.
NIFTY: Nifty open with positive bias traded sideways and settled on a flat note. Market are consolidating after a big move recorded last week. Consolidation continues with support coming in at lower levels. In morning session nifty were witness of profit booking then some sectors like OMC, OIL&GAS, AUTO were the major contributor to bring the market in the positive territory but pressure at upper level suggesting resistance at higher level . As of now, we don’t expect any major respite and prevailing consolidation would continue. In coming days between(8050‐8250) either side break will result in strong directional move. Till then one should continue to concentrate on stock specific front and trade accordingly.
BANK NIFTY: Bank Nifty has traded choppy in a moderate range of 300 points. Prices started the session with a minor gap up above 18000 and gone through a decline. That decline found support near 17800 and bounced back. Finally, index closed just below 18050 with a gain of nearly 50 points. An upside correction which took prices near its resistance area (18300) have seen a pause. Earlier index found support near 17600 but now the range is narrowing itself. Prices are trying to build a trading range inside 17800–18300. Hence our view is sideways in the Bank Nifty. Traders should wait for a clean breakout before entering new positions otherwise we could be in a losing side of a trade. All we can do is to follow our rules and protect our capital for chart pattern trades. We do not have a clear view in the Bank Nifty so intraday traders should also look to avoid the index and watch the market action from outside.
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