As usual Nifty touches fresh record high.
Bank Nifty ended with up and down moves yesterday ,as we already expected that.
We entered into 4th series of this Dec expiry.
Last week expiry Nifty up by 250 points but Bank Nifty traded in between range of 30k to 31k.
Without Reliance support , Nifty shot up 250 points in last week expiry.
we have only 9 trading days of this year and if Reliance came into action then Nifty will touch 14k easily.
Bank Nifty under performing due to lack of support from Banking stocks.
From last 3 days HDFC bank performed well but still we should wait for KOTAK Bank , AXIS Bank, ICICI Bank to get into action , if this is happened by this week then we may see Bank Nifty above 31k.
Majority of the NBFC stocks performed well from past few days and Some stocks made fresh record high also.
Coming to Global Market :- Yesterday US market closed higher , currently Dow Jones Fut trading in negative.
All Asian Markets are Negative.
SGX Nifty down by 30 points as of now.
Coming to India :- Rather than expecting Gap-Up ,its better to expect Gap-Down due to Global Market clues.
Don't expect big rallies from our markets of this 9 trading sessions because we are at edge of this year. People wont add any new positions in the end, they will try to make market in consolidation or correction
Don't expect big rallies from our markets of this 9 trading sessions because we are at edge of this year. People wont add any new positions in the end, they will try to make market in consolidation or correction.
13500 looks strong support by this week based on OI data . 13,600 & 13700 will be the nearest support for Nifty.
Bank Nifty had a strong resistances of 31,000 and 31,500 of this week based on OI data and 30,500 will be the strong support , 30k and 29.5k will be the next supports.
Today is Friday , Don't try to hold your positions by today because market is closed for next 2days so any news can turn your profits into losses. Be cautious in the Fridays.
Expect some consolidation or correction by today.
All The Best , Trade With Discipline.