In any particular trade you never really know how far prices will travel from any given point. If you never really know where the market may stop, it is very easy to believe there are no limits to how much you can make on any given trade. From a psychological perspective this characteristic will allow you to indulge yourself in the illusion that each trade has the potential of fulfilling your wildest dream of financial independence. Based on the consistency of market participants and their potential to act as a force great enough to move prices in your direction, the possibility of having your dreams fulfilled may not even remotely exist. However, if you believe it does, then you will have the tendency to gather only the kind of market information that will confirm and reinforce your belief, all the while denying vital information that may be telling you the best opportunity may be in the opposite direction.
Bank Nifty
RBI policy and Bank nifty will move like a wild elephant today.All depends on rate cut or no rate cut by RBI.25 BPS has been a general consensus and market has already factored. Any surprise will lead to a rally or continuation with downtrend.
Bank Nifty is showing strength as it has closed above both 20 and 50 SMA. Falling trendline @10447 is the crucial resistance for today.
Buy above 10450 Tgt 10495,10583 and 10670
Sell below 10380 Tgt 10321,10245 and 10148
HDFC Bank
Ascending Triangle formation in HDFC Bank. Support at 524 break of which on closing basis will invalidate this pattern.
Sell below 523 Tgt 521,517 an.d 515
Buy above 533 Tgt 535,539 and 543
Above 540 stocks breaks out and go to new life highs
SBIN
SBIN is respecting its trendline supports and resistance.Yesterday broke above its upper end trendline and follow up action is required today. Staying above 2245 will add further momentum to the stock.
Buy above 2273 Tgt 2292,2324 and 2354
Sell below 2244 Tgt 2219,2201 and 2186