The greatest fault of ninety-nine out of one hundred active traders is being bullish at high prices and bearish at low prices. Therefore, refuse to follow the market beyond what you consider a reasonable climax, no matter how large the possible profits that you may appear to be losing by inaction
Bank Nifty was up by 4.3% outperforming Nifty by almost 2%. Bank Nifty is high beta index and should always be traded by professional traders only.
Yesterday was a clean sweep for bears as bank nifty retraced the fall of 5 days in a single session,well this gives a bullish indication.Technically Bank Nifty has approached its 20 DMA @8356. Any upmove will be continued once Bank Nifty closes above 8360 only. Bank Nifty has been eluding 20 SMA from past 17 trading session and close above it will bring further momentum to the rise.
If you observe the above chart closely Bank Nifty once it close above 20 SMA will give a rally in range of 3-8%.
Buy above 8360 Tgt 8440,8504,8533 and 8602
Sell below 8256 Tgt 8200,8156,8111 and 8072
Cairn India is approaching 332 resistance as crude rally cairn can see break through the resistance.
Buy above 332 Tgt 334,339 and 346
Sell below 326 Tgt 321,318 and 313 (If unable to break through 332 Resistance)