You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 23 February 2018: -
On 22 February 2018: FII Net Sold – 2335.34 INR Crs: DII Net Bought – INR – 1059.42 Crs
We got expected dip from 10600 + levels and we saw a pause on 10300
levels. Well, so far it is so well placed. Market may go in consolidation phase
as long as it holds 10300 levels. Two more supports deserved to be mentioned. One
is around 10100 and next is psychological 10000 marks.
My view is that trading range for short term will go in the zone of
10000 to 10300 before breaking lower further. Right now, trading range is one
step higher. Is it fit for investment? No, not at all.
For today’s trading session, market may open on flat note due to
improved global cues. I am not expecting much movement at these levels. Market may
go in consolidation mode. I am still warning from the latest scam of PNB. What
we know is much less than what we don’t know. One can consider that 10300 is a
decisive support in current trading range. On higher side, there will not be
easy cross of 10450-10500.
Investment point of view, I have already suggested from December
onwards to avoid pumping fresh money in the market as this rise cannot extend
more. Remember, every rise is not the opportunity to invest or trading. It’s
better to be safer sometime.
Strategy for Nifty February
future – It is just the global cues which is saving market but how long can
it holds. Trading support may be at 10360-10326-10302. On higher side will face
resistance from levels above 10450. After shorting at higher end, I am not very
keen to trade index unless I get a strong signal to trade which will come at
the break of 10300.
BANK NIFTY February future –
I still stick on my point that Bank Nifty will hit levels of 24000 sooner or
later. I am expecting a consolidation in this zone of 24800 to 25200. This
looks 400 points but it is going to be dicey so prefer to avoid trades. Well, still
at a topping pattern sooner it will be the better instrument to trade on short
side.
