Nifty moved up nicely after the short covering call. Rest of the shorts were also covered at 5500 levels.
So are we heading to bullish area now. Well that's worth waiting. Bank nifty is already in reduced buy mode with Nifty in Neutral mode.
The upside resistance for trading purposes is at 10900 and 5600 levels. Bank Nifty coming out of bearish zone faster than Nifty shows its bullish relative strength. If the strength continues than it would be better to take bullish view in Bank Nifty.
Better to be in Neutral/reduced buy at this stage as bullish confirmation is still not there.
So are we heading to bullish area now. Well that's worth waiting. Bank nifty is already in reduced buy mode with Nifty in Neutral mode.
The upside resistance for trading purposes is at 10900 and 5600 levels. Bank Nifty coming out of bearish zone faster than Nifty shows its bullish relative strength. If the strength continues than it would be better to take bullish view in Bank Nifty.
Better to be in Neutral/reduced buy at this stage as bullish confirmation is still not there.
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