#Nifty
For 13-05-2019
Support for Nifty comes at 11251-11227-11189
Resistance for Nifty comes at 11310-11340-11395
BankNifty
Support for BankNifty comes at 28900-28784-28637
Resistance for BankNifty comes at 29151-29246-29443
Nifty whole day moved between first support level and first resistance level. Nifty made three attempt to cross 11340 but failed. But not even
breached the 11250. If next week Nifty can manage to cross this 11340-11350 range then conisdering 11250 as double bottom Nifty can very easily go to 11450.
The one thing which should be kept in mind that Markets raise very slow when every one is long but the raise can be very fast when every one is short which is the current situation. Nifty with stop loss of 11220 is buy on all dips for target of 11450 minimum and then 11525-11590. If 11590 crossed then be prepared for a new high possibly in this month considering it as Election Month.
If Nifty breaks 11250 then 11189 is short term target. However i am not expcting this to happen.The stock which can lead this short covering is
Reliance Industries
In Friday's post claerly said BankNifty if moves above 29000 then a move of 200-300 points is possible and it made a high of 29202 exactly 200
points. Same kind ofshort covering can be expected if on monday BankNifty manages to move above 29100 then it can easily move to 29400-29500.
Two bank stocks which are looking good
ICICI Bank
Axis Bank
Disclosure: I do not hold any position in Nifty and BankNifty Futures.
For 13-05-2019
Support for Nifty comes at 11251-11227-11189
Resistance for Nifty comes at 11310-11340-11395
BankNifty
Support for BankNifty comes at 28900-28784-28637
Resistance for BankNifty comes at 29151-29246-29443
Nifty whole day moved between first support level and first resistance level. Nifty made three attempt to cross 11340 but failed. But not even
breached the 11250. If next week Nifty can manage to cross this 11340-11350 range then conisdering 11250 as double bottom Nifty can very easily go to 11450.
The one thing which should be kept in mind that Markets raise very slow when every one is long but the raise can be very fast when every one is short which is the current situation. Nifty with stop loss of 11220 is buy on all dips for target of 11450 minimum and then 11525-11590. If 11590 crossed then be prepared for a new high possibly in this month considering it as Election Month.
If Nifty breaks 11250 then 11189 is short term target. However i am not expcting this to happen.The stock which can lead this short covering is
Reliance Industries
In Friday's post claerly said BankNifty if moves above 29000 then a move of 200-300 points is possible and it made a high of 29202 exactly 200
points. Same kind ofshort covering can be expected if on monday BankNifty manages to move above 29100 then it can easily move to 29400-29500.
Two bank stocks which are looking good
ICICI Bank
Axis Bank
Disclosure: I do not hold any position in Nifty and BankNifty Futures.
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