Anuj Singhal, Managing Editor, CNBC Voice
The market is still in a range. The range remains intact until below 25,350 or above 25,650. Moving averages have come up with a decline of 3 days or consolidation. 10 Dema is at 25,350 and 20 Dema is at 25,200. There may be corrections up to 20 Dema in any growing market. Such correction is a good opportunity to shop. The trend changes if 20 dema breaks. So far this trend is not reversible, just a little profitable. The strategy is the same, buy Month End Calls in the fall. If the Nifty breaks 20 Dema, that trade will end.
What should be the strategy now?
The market is not weak at all. Auto, FMCG, consumer durable shares are running. This means that the market still has not given up hope for the results. Defense and capital market shares also went on yesterday. This means a rally in market leading stocks. The market will not give you a rally every day. We took advantage of a big rally and trailing SL. Now there is a little waiting for the new swing. But the feeling is still with a breakout. Just Q1 results should not be bad. At this time, the risk is now only from the results.
Strategy on Nifty
The first registration is at 25,450-25,550 while the big registration is at 25,550-25,650. The most important support for this is at 25,300-25,350 while the next major support was made at 24,150-24,200. It is possible that the Nifty breaks the range today. Trade the range but be prepared for a breakout move.
Strategy on Nifty Bank
The Nifty Bank closed at 10 Dema of 56,800. The next major support has reached 20 Dema of 56,500. Shopping in a decline with a SL of 56,400 can work. The first registration is at 56,850-56,950 while the big registration is at 57,000-57,200.
Nifty Strategy for Today: Nifty – Banks want to earn profits in Nifty today, then definitely pay attention to these levels
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