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Watch Nifty
Ø That Nifty was volatile would be an understatement. At this crucial juncture, an overview of the market ( Nifty and Bank Nifty) would be in order. Nifty : Nifty is bullish in the long and medium term. It could reach 7000 and perhaps higher once it moves past 6360. In the near term, Nifty faces resistance around 6150 and 6360. On the downside - it has supports around 5850 , 5800 and then 5700 ( +/- 2%). While Nifty has a remote possibility of going down below 5180, it is likely to take support around 5700 (80% chance) or at the worst, 5550 The downside risk is around 150 points, but the upside is atleast 450 to 600 points.
Ø Bank Nifty : This has also been moving in sync with Nifty and has been leading both on the upside and downside. Here again, while the long and medium term is bullish, it is correcting in the near term. It has good support around 11600 and then 11000. That said, there could be sharp pull backs in the next session or two. The pull backs, until 6150 in Nifty and 12850 in Bank Nifty is crossed on a closing basis, would be interspersed with swift reactions.
Ø Investors have now two options :
o a) To invest at current levels or near 5700 with a small downside risk ;
o b) To get confirmation on resumption of a bull move .That is, to wait for a cross over of 6150 or 12850 in Bank Nifty.
Ø The current reaction, on whatever the pretext - be it Korean war, Chinese tightening, Irish meltdown or bribery scam - is a good opportunity for those who have missed out the earlier bull run, to enter.
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