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A good trading day !!

Bank Nifty futures closed at 15682 level with daily momentum indicators pointing towards a positive direction. For Nifty to breach its short term 8000 resistence, upmove by bank nifty and its constituents is very important. With the shrunk premiuims at 8000 Nifty call options, one may easily suggest that market movers are not in much favor of such an upmove. Volumes suggest the other way around. Its a tough call to make hence it shall be suggested to buy carefully with a relatively short up move near the strong resistence level till the expiry.

Banks like SBI, ICICI Bank, PNB, Bank India performed according to the expectations. How ever the surprise package came from Bank Baroda which too made an upmove even after a weak chart. CAution is the word while trading with banks at the moment. Let the moves become clear and subtle.

NTPC on the other hand has pulled attention by retracing upto 61.8% of its previous wave. One may buy at these levels and enjoy Nifty breaking all barriers in this coming quarter.

Keep Investing, Keep Walking
Nikhil Dhingra

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