On Monday, with the support of positive US futures our markets opened higher and managed to close higher. Nifty and Bank Nifty both have changed the trading range by crossing the levels of 10330 and 21810 respectively. The new trading range could be between 10150 and 10550 for the Nifty. For the Bank Nifty, it could be 21500 and 23000. Bank Nifty should outperform Nifty in the next upward movement. Nifty has formed a doji star formation at the top of the current rally. A doji formation conveys a sense of indecision or tug-of-war between buyers and sellers. Neither bulls nor bears were able to gain control and a turning point could be developing. Buying should be done in the market either on dips or only if it crosses the level of 10410. Supports exists at 10250 and 10150. For bank Nifty 21400 and 21100. The world markets would be influential for our market.

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Categories: Options