Nifty at new record highs of 11450!!!
Bank Nifty at 28000!
What else can one ask for???
Here’re the key takeaways from today’s trade:
- Consolidation of the last few days is over.
- Nifty broke out on the upside and closed at 11450.
- It made an intraday high of 11458.
- Bank Nifty also made a new record high of 28000.
- RIL went up 3% and Banking stocks led the charge.
What’s next and how to trade it?
- Support 1, 2 and 3 are 11427, 11399 and 11383 on hourly chart. If you see them breaking, exit or sell.
- Resistance 1, 2 and 3 are 11470, 11486 and 11514. If Nifty crosses them, you need to buy.
- Considering Nifty at record highs, you can buy ATM options of Nifty. If there is a large movement, you will make money.
- If you want to follow the trend which is upwards, sell OTM puts.
- In stocks, Bajaj Auto has been beaten down. It will go up soon. You can buy.
- Banking stocks are having momentum. You can go with it.
Markets are at record highs and momentum is positive. Buy and sell with caution. Trade safely and preserve your capital in all circumstances.