Nifty Strategy for Today: Explaining strategy on Nifty Virendra Kumar of CNBC-Awaaz Said that the first resistance is at 23791-23844 (10 DEMA) while the bigger resistance is at 23900-23934 (20 DEMA)/23978. The first base is at 23582-23626 while the bigger base is at 23455-23533.
Virendra Kumar said that yesterday he had said that selling will be seen till 23831 is not crossed. There is a selling market in every rally. Slipped from 23800 several times, heavy call writing was seen at 23800/23900/24000 while put writing was seen at 23700, maximum put writers at 23500. Nifty is more risky than IT, slipping from 20 DEMA, closed at 50 DEMA yesterday.
He further said that the situation of Nifty Bank is still not clear, clarity will come only above 50582. Sell every rally below the first resistance, 23533-23582 base is important. Cover all shorts in 23455-23533 zone. 50 WEMA at 23455, held since November, may see 23255 below this. Above 23844, upside movement to 23900-23934 (20 DEMA) is possible.
strategy on nifty bank
Virendra Kumar said that the first registration is on 50387-50582 while the bigger registration is on 50842-50944 (10 DEMA)/51102. The first base is at 49744-49905 while the bigger base is at 49310-49517.
Yesterday it was said that we should sell till we cross 50340-50560 and there is a selling market in every rally. HDFC Bank, Kotak Bank, ICICI Bank are in bad condition. Heavy call writing was seen in 50500 and 51000 zones. 200 DEMA is present at 50500, then 10 DEMA is at 50944.
Sell in every rally until the first registration 50582 is crossed. Looking at put placement, cover shorts in 49744-49517 zone. If 50582 is crossed above then 50944 (10 DEMA) is possible.
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