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.
Selling pressure has reduced, although we didn’t get the strong follow-up buying we expected.
But from a trading perspective, today was superb:
-
-
-
- As mentioned in yesterday’s commentary,
-
- I exited
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.
- 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.
- 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.
TrendX INC
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
TrendX INC
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.