We were only hopeful till 5800, but last days sell off from 5750 level suggests it was too ambitious. Though, our assumption of extension of right shoulder appeared correct. It closed at 5672.90 with bearish candle, a closing below 5730 kills the possibility of extension of pull back rally. Most of the index majors closed off the day's high and ended with a bearish candle, which suggests strong supply pressure on rise. Index breadth turned negative in the mid session of the trade and continued to gain strength. This seems Nifty again could retest 5600 level which is merely a matter of time. We also spoke about a consolidation in between 5600-5800 level, we still stick to this assumption, and even if 5600 level gets tested then also traders should be cautious before taking any major decision.
Nifty (Fut): 5688.10:
Trading Strategy-
Buy above 5780, target- 5820, SL- 5760
Sell below 5600, target- 5560, SL- 5620
Analysis:
Bank Nifty reacted down from day's high of 11590 and closed with a big bearish candle. It reacted down from its neck line resistance (head & shoulder pattern), and denial of closing above 15550 levels put our bearish argument more significantly. We believe counter rally could get extended iff, Bank Nifty closes above 11550. CNX Bank Index breadth was also extremely negative so, need to be cautious on rise.
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