Nifty’s behavior against 14,500 crucial.

Nifty’s behaviour against 14,500 will be crucial. The index needs to stay above this to avoid any major weakness. Nifty PCR (all expiries) stood at a healthy 1.51, which is a good sign. As per the current technical setup, though the market, in general, will continue to stay prone to profit-taking bouts, all dips are likely to get bought into.

In the present scenario, we recommend attempting any major short positions unless the market shows an indication of the formation of a potential top. Until this happens, we recommend following the trend, while strictly trailing stop-losses and protecting profits vigilantly at higher levels.

Nifty (14563) technically upside to 15000-15471 is a possibility as long as 14400 holds’ the Nifty opened in the green and traded down to close in the red…analysis remains the same…

Nifty Bank (32565) now 32500 and then 33000 is a possibility as long as 31700 holds’ the Nifty Bank unfolded strongly as expected and ahs closed in the green…technically upside to 33000 is a possibility as long as 32000 holds…

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