Nifty trading plan: Both Nifty and Bank Nifty made a spectacular comeback on the daily chart, creating a long bullish candlestick pattern. Yesterday, Momentum Indicator RSI and India VIX also showed positive trends. In such a situation, the market experts say that as long as the Nifty remains above 23,600 (200-Day EMA), there is a possibility of moving towards 23,900-24,000 zones in the upcoming sessions. However, in the event of a correction, there will be immediate support at 23,550. This will be followed by the next important support on 23,350. At the same time, as long as the support of 50,000 (Budget Day high) remains, there will be a possibility of speeding towards 50,500-51,000 zones in the bank Nifty.
What should be strategy in Nifty
Waves Strategy Advisors Founder and CEO Ashish Kyal Says that there is a resistance at 24,200 for Nifty and support at 23,530. A long position can be made with stop-loss at 23,700 above 23,800, which should be targeted 23,930 and then 24,200.
Derivative Research Analyst Dhupesh Dhemeja in Samco Securities The Nifty says that there is a resistance on 23,800, 24,000, 24,100 and support on 23,500, 23,300, 23,000. Trader can adopt a bull put spread strategy (selling a put option with a high strike and buying a low -strike option of the same expiry).
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What should be strategy in bank Nifty
Ashish Kyal It says that there is a resistance at 50,795 for bank Nifty and 48,900 support. A long position can be made with a stop-loss at a target of 50,500 above 50,250 and then 50,795.
Dhupesh Dhemeja It says that there is a resistance at 50,500, 51,000, 51,300 and support on 49,700, 49,500, 49,000 for bank Nifty. If the index goes above 50,400-50,450, traders can consider launching in bank Nifty February futures by setting a stop-loss below 49,950. It would be advisable to recover profits when the index reaches 50,900-51,100.