Nifty 50 Index
Long

Nifty Holds Positive Trend, BankNifty Eyes New High - Key Levels

206
The missing piece we talked about yesterday — a close above 25200 — is now complete.
Selling pressure has reduced, although we didn’t get the strong follow-up buying we expected.

But from a trading perspective, today was superb:

- SPORTKING , which we bought yesterday, gained another 7% today.

- EDELWEISS intraday setup delivered a solid 6% move.

- TATAPOWER ATM options shot up by 100%.

- As mentioned in yesterday’s commentary, CNXPSUBANK performed well — I’m holding BANKBARODA and had added #SBIN a few days back.

- SHYAMMETL closed strong today; I’ve taken it as a positional trade.

- I exited CUPID today and replaced it with $NSE:MOBIKWIK.

In total, I’m holding 4 open positions, and I’ll continue to hold them until they overextend.

Coming to the market:

Nifty formed a Supply Candle today as sellers’ volume was 33 million higher than buyers.

The positive takeaway is that selling pressure has eased, and the trend has moved back to the positive zone.

Considering these conditions, tomorrow is likely to remain sideways.

NIFTY levels for tomorrow:

- Resistance: 25250 — a close above this could trigger short covering up to 25500
- Support: 25155

BankNifty looks stronger than Nifty and seems ready for a new all-time high.

BANKNIFTY levels for tomorrow:

- Support: 57000
- Resistance: 57300 — a breakout above this can push it to fresh highs

Sector-wise, #PSUBANKS remained the strongest today.

That’s all for today.
Take care.
Have a profitable tomorrow.

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