Small consistency will always reach height and the above example is proved by our Indian markets.
By making successive higher highs , finally we came near to ATHs.
Where Nifty closed with a gain of 22 points , Sensex gained 111 points and Bank Nifty jumped 336.70 points.
Bank Nifty still lot to go to reach ATH but Nifty almost came.
FIIs bought 585.36 crores and DIIs sold 707.69 crores on yesterday.
Oil stocks shot up more than 3% on yesterday and SBI is still leading the Bank Nifty and Nifty.
Many of the people are waiting to buy once markets breaks ATHs but that is not right time to invest because the chances of profit booking is high so better to wait for correction and buy on dips is the right decision.
Coming to global markets :- Last night US and UK markets closed at higher and Currently Dow Jones , Nasdaq and UK futures are trading at higher.
All Asian markets are trading with positive bias.
SGX Nifty is up by 95 points as of now.
Coming to India :- One more day for gap-up opening by today based on SGX Nifty and global clues.
If observe yesterday last 45 minutes in our markets , the way it made the wild moves made everyone panic because lot of people order will place at the end of the spike and after that it got reversed so many people stoploss would be trigged .
All options buyers be cautious to trade this week due to lot of factor i.e., last series expiry of the month , Reaching to ATHs so long unwinding may happen in different sectors , raising Crude price so these all signs to be cautious however the chances of fall is less but expect buy on dips markets with wild moves rather than expecting trendy market.
This type of markets we need to keep wide stop loss otherwise stoploss may trigger easily and all intraday traders try to capture the perfect entries and stay away because this is not a market where we can place our order at every breakout.
Expect huge rally towards upside if it breaks with huge volume until that markets will go with buy on dips or range bound.
The one who is looking for support and resistances based on OI data and chart analysis :- Watch Nifty for upside 14,337 and downside 15,150 .
Bank Nifty had a resistance at 35,567 and support at 34,556 .
All The Best , Trade With Discipline.