Nifty50 has again resumed its uptrend.
our target that we talked about last week of 9250 was almost met. 9500 still remains a possibility.
But ... as we often say, even in a strong uptrend, you need to buy at the best possible place.
Right now, could be a risky place to buy!!
Best buying areas now could be near 9100. 9000 for now is a strong support.
Any thoughts of short selling till Nifty50 is above 9000 does not seem a bright idea!
If you have long positions in Nifty50, your trailing stop loss could be 9125-9115.
Nifty Bank has also resumed its uptrend.
our target from last week,22000 still remains a possibility.
But ... like with Nifty50, it could be a risky place to buy Nifty Bank!!
Best buying areas could be near 21000.
Nifty Bank seems to have formed strong supp areas even below 21000.
So it doesn't look a smart idea to short sell right now!
supp areas - 21000/20900/20800/20700
Long positions in Nifty Bank can maintain a trailing stop at 21050-21000.
Sectoral Index -Nifty IT did not breakout as expected. in fact it has stopped at our breakout level of 10900!! A weak breakout will mean that there is a likely hood of it getting stuck in the thick res zone 10950-11300!! The breakout attempt will fail if Nifty IT falls below 10700!
No major event risk for our markets next week.
Options volatility is managable now. So options can be bought!
The choice to buy Futures is always there!
Note: Markets are in a strong uptrend, so they may try to rally at every possible chance! But till they pause a bit or correct a bit to levels mentioned above, rallies may meet with resistance followed by swift downmoves also.
All in all it looks like the coming week could be a little more choppy than this week!
Short term traders are well advised to keep a tight stop loss.
link to our market outlook for the previous week -
https://in.investing.com/analysis/learning-stocks-market-outlook-for-the-week-of-15-03-2017-200178485
our target that we talked about last week of 9250 was almost met. 9500 still remains a possibility.
But ... as we often say, even in a strong uptrend, you need to buy at the best possible place.
Right now, could be a risky place to buy!!
Best buying areas now could be near 9100. 9000 for now is a strong support.
Any thoughts of short selling till Nifty50 is above 9000 does not seem a bright idea!
If you have long positions in Nifty50, your trailing stop loss could be 9125-9115.
Nifty Bank has also resumed its uptrend.
our target from last week,22000 still remains a possibility.
But ... like with Nifty50, it could be a risky place to buy Nifty Bank!!
Best buying areas could be near 21000.
Nifty Bank seems to have formed strong supp areas even below 21000.
So it doesn't look a smart idea to short sell right now!
supp areas - 21000/20900/20800/20700
Long positions in Nifty Bank can maintain a trailing stop at 21050-21000.
Sectoral Index -Nifty IT did not breakout as expected. in fact it has stopped at our breakout level of 10900!! A weak breakout will mean that there is a likely hood of it getting stuck in the thick res zone 10950-11300!! The breakout attempt will fail if Nifty IT falls below 10700!
No major event risk for our markets next week.
Options volatility is managable now. So options can be bought!
The choice to buy Futures is always there!
Note: Markets are in a strong uptrend, so they may try to rally at every possible chance! But till they pause a bit or correct a bit to levels mentioned above, rallies may meet with resistance followed by swift downmoves also.
All in all it looks like the coming week could be a little more choppy than this week!
Short term traders are well advised to keep a tight stop loss.
link to our market outlook for the previous week -
https://in.investing.com/analysis/learning-stocks-market-outlook-for-the-week-of-15-03-2017-200178485
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