MARKETS FALL FOR ONE MORE DAY; BANK NIFTY CLOSES BELOW 15100 FOR SECOND SESSION SUGGESTING WEAKNESS; NIFTY REMAINS IN TRADING RANGE WITH SUPPORT AROUND 7600; AVOID NEW POSITIONS INSIDE THE RANGE.
Increased intraday volatility suggests indecision inside the trading range; nifty support comes at 7600 with resistance at 7750; traders are well advised to avoid any new positions, protect existing positions with stops below 7600 for nifty.
- BANK NIFTY closes below 15100 for the second day. This confirms the breakdown in Bank Nifty. Now prices are trading at the strong support 15000. Nifty is still inside the range. This creates the confusion. Wait for a confirmation of the direction and then take trade.
- CNX IT saw a down move today and prices closed lower. Below the strong support comes at 10150 whereas the short term resistance comes at 10500. Trend is very strong on upside in IT Sector. Traders can go for a buying opportunity in IT Stocks like HCL TECH, INFY, TECH M, TCS and WIPRO.
- Trend is up in AUTO Sector. Prices have seen a breakout from a narrow trading range. This breakout may give us a buying opportunity in Auto Stocks. As of now HEROMOTO, M&M and MARUTI are the outperforming stocks in this sector. We may get a buying here.
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