NIFTY shown the old theory. Buy on rumor, sell on confirmation. Repo rate cut news declared by RBI and Traders stated pumping short position. Our base level 11630-640 broken easily and market enters into short term mild correction.
The current sell is nothing but pause from a rally. Correction can be of two –three days minimum.
Net level in NIFTY is 11550. Let the market to continue little more sideways session. Releasing itself from overbought condition to neutral stage. Then market does like to take one attempt to cross 11761.
Catch cash suggestion, Buy NIFTY around 11550 -11580, and keep SL 11540 as closing basis for New target zone of 11760.
BANKNIFTY DAILY REPORT 5-4-2019
BANKNIFTY is taking a minor pause from its previous rally. The new high of 30500+ will remain high for some time. Along with NIFTY, BANKNIFTY will remain in sideways movement.
Yesterday Rate cut is done; next rate cut will not come soon. Bank nifty has already made a move which is significant. We are having less hope for iron hot rallies in near future.
Catch cash Suggestion, BUY BANKNIFTY from 29850-29950 range, Stop loss 29700, target 30500.