Nifty is close to 11500!!!
Bank Nifty at 28300!
Is there any more steam left in the rally???
Here’re the key takeaways from today’s trade:
- Nifty opened and stayed above 11450 all throughout the day.
- Nifty made an intraday high of 11495.
- Nifty closed at 11470. Bank Nifty is at 28300.
- ICICI Bank went up nearly 5% today. SBI also went up more than 2%. This is what pushed Bank Nifty and Nifty up. Notably, HDFC Bank and Kotak Mahindra Bank were down nearly 1% each.
- Bharti Airtel went down nearly 5%. Cipla, Titan, ONGC were down 2% each.
Where do we go from here?
- Support 1, 2 and 3 are 11462, 11454 and 11444 on hourly chart.
- Resistance 1, 2 and 3 are 11481, 11490 and 11499.
- Since Nifty is close to 11500 and consolidating, you can buy an OTM put. In case of a correction, you will make money.
- The same strategy can be applied to Bank Nifty.
- In stocks, Banking stocks are outperforming so you can buy them.
Buy and sell with caution as markets are at all time highs. Hedge all your trades and do proper risk management.