It is important to “follow what the market is currently doing as opposed to following what one might personally think the market should do.” As he said, “Every man has a right to his opinion, but no man has a right to be wrong in his facts.”
Bank Nifty has achvied its trendline target of 8120,by making a low of 8127.
Break of 8127 will threaten the break of coveted 8000 level on Nifty.
Sell below 8120 Tgt 8000,7920 and 7825
Buy above 8172 Tgt 8240,8300 and 8375
LT had a viscious fall on Friday reason being it has started filling the gap of May 2009 by breaking the low of 1100.
Election gap is present from 989-1100 so the bloodbath will continue in LT and it should be in 3 figures by this week. Expect a sharp bounce back from 989 levels in LT.
Sell below 1060 Tgt 1037,1001 and 989
Sell below 711 Tgt 696,685 and 677
Buy above 724 Tgt 732,738 and 750