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Watch Nifty
Ø Nifty could not close above 6150 and as expected had also reacted from 6180 levels. The reaction as we had mentioned earlier , should not see Nifty going below 5950. If it does, we could retest 5700. However given the strength of present rally, we expect Nifty to retest 6150/80 and also close above.
Ø Bank Nifty has not been lending support to Nifty in its present move up. On the contrary, it has been pulling it down. Bk nifty has support around 11390 and if pierced, it could retest previous lows. However in the longer term BkNifty and Banks look good. We would advise investors the entry levels once it starts stabilising.
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