SOLID TRADING STRATEGY REVEALED! What expert suggests about Nifty and Bank Nifty - DETAILS HIGHLIGHTED HERE

CapitalVia Advisers said that Today Nifty opened on a positive note with a gap-up of 65.5 points due to which profit booking and gap covering was expected, but Nifty consolidated in a tight range of 40 points ranging in 15640-15680 zone. Ultimately in the second half of the session, Nifty saw a breakdown on the downside which turned out to be fake one as we saw a “Bullish Pin Bar” being formed in the support zone of 15630-15615, after taking support in the above mentioned zone, Nifty witnessed a strong Bullish rally crossing 15680 mark. On the downside 15630- 15550 is acting as a major support zone, while resistance might get tested in 15720-15800zones. Major sectors ended in the green zone today while the Auto and Pharma sector shed some of their profits.

Another good breakthrough was seen in the index, which managed to conclude the day at new highs in the 15690 zone, gaining about 1%. Nifty has relocated its support to the 15650-15600 zone once again, and if

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Nifty manages to stay above these levels, one may see a northward rise towards the next obstacle zone of 15800. Traders can also utilise every dip as a buying opportunity around these levels. On the downside, 15450 will be a trend-changing mark, and only below that will we see additional profit booking in the index. The local market is anticipating tomorrow's RBI MPC announcement, which is expected to retain the central bank's accommodative stance in the face of rising inflationary pressure, explains CapitalVia Advisors.

Nifty Forecast: 

Domestic market gave a gap up opening and moved strongly on the day of weekly expiry. Nifty auto, Nifty Metal and Nifty Energy indices also close in green territory. The index closes at lifetime high near 15700, Nifty might see some profit booking near this level and investors should use this deep as buying opportunities. For next trading session investors can make long position in Nifty from the level of 15560 - 15600 for the Target of 15850 with Stop Loss 15450

Bank Nifty Forecast: 

Bank Nifty also moved up along with the Nifty and major participation came from Twin of HDFC and Bajaj, SBI and other PSU Banks, for tomorrow there will be event full day and RBI will going to announce their policy. For next trading session investors can make long position in Bank Nifty from the level of 35600 for the Target of 35900/36200 with Stop Loss 35400