#Nifty
For 03-06-2020
Support for Nifty comes at 9948-9900-9825
Resistance for Nifty comes at 10040-10144-10294
BankNifty
Support for BankNifty comes at 20356-20200-20000
Resistance for BankNifty comes at 20824-21000-21380
Nifty first target was 10000 and today it made a high of 9995.6. So more or less 10000 is done for me.
Nifty today closed above 9970. Now next technical levels are 10040-10150, which should come by tomorrow. However 9981 is 20 week EMA so this move should stall around 10000-10150. So buying at 10000 is not good from risk to reward point of view.
We need to wait for some pull back to 9900 for any new buying. Stop loss for all long trades is now 9800. Close below 9800 bears can again get a chance.
BankNifty for the day first support was 19812 and after making a low at 19852 it moved al the way to 20615 and closed at 20530 the second resistance for the day.
BankNifty still has more room to catch up with Nifty. If we corrrelat it with Nifty it should be above 22000 as of now. But I guess it will underperform and maximum it can test 21000-21300 before reversal. Again buying at 20600 for 21000 is not a good risk reward trade. Ideal buy level is around 20000 with SL of 19800. But that may not come. So tomorrow can be stock specific.
In stock Axis bank and ICICI bank can move the index higher.
For 03-06-2020
Support for Nifty comes at 9948-9900-9825
Resistance for Nifty comes at 10040-10144-10294
BankNifty
Support for BankNifty comes at 20356-20200-20000
Resistance for BankNifty comes at 20824-21000-21380
Nifty first target was 10000 and today it made a high of 9995.6. So more or less 10000 is done for me.
Nifty today closed above 9970. Now next technical levels are 10040-10150, which should come by tomorrow. However 9981 is 20 week EMA so this move should stall around 10000-10150. So buying at 10000 is not good from risk to reward point of view.
We need to wait for some pull back to 9900 for any new buying. Stop loss for all long trades is now 9800. Close below 9800 bears can again get a chance.
BankNifty for the day first support was 19812 and after making a low at 19852 it moved al the way to 20615 and closed at 20530 the second resistance for the day.
BankNifty still has more room to catch up with Nifty. If we corrrelat it with Nifty it should be above 22000 as of now. But I guess it will underperform and maximum it can test 21000-21300 before reversal. Again buying at 20600 for 21000 is not a good risk reward trade. Ideal buy level is around 20000 with SL of 19800. But that may not come. So tomorrow can be stock specific.
In stock Axis bank and ICICI bank can move the index higher.
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