“Bank Nifty at 41400 is a very long term and big time support. Below that we will see any downslide towards 40000 otherwise a move towards 43000 again cannot be ruled out,” says Shilpa Rout, Prabhudas Lilladher
What is happening with the market is it just volatility related to expiry or there is some weakness which is visible on the charts for a bit of a longer term?
Rightly said that this is an expiry, a short one and also with all the events lined up, we may see some choppiness also going ahead. If you look at the option chain, we see that 18100 looks like a very strong resistance but downside also we have support at 17800. So this is where we should see a bounce back towards 18100 maybe 200 points from here. Likewise Bank Nifty at 41400 is a very long term and big time support. Below that we will see any downslide towards 40000 otherwise a move towards 43000 again cannot be ruled out.
What is happening with the market is it just volatility related to expiry or there is some weakness which is visible on the charts for a bit of a longer term?
Rightly said that this is an expiry, a short one and also with all the events lined up, we may see some choppiness also going ahead. If you look at the option chain, we see that 18100 looks like a very strong resistance but downside also we have support at 17800. So this is where we should see a bounce back towards 18100 maybe 200 points from here. Likewise Bank Nifty at 41400 is a very long term and big time support. Below that we will see any downslide towards 40000 otherwise a move towards 43000 again cannot be ruled out.
What are your top picks given in this market, what are you looking at then?
I am hoping that this is where a bounce should happen sometime. I am actually having two buys. One would be
, it has given a breakout above 320 zones. I am looking for targets of 330-333 from here. Other one would be with a support of 3400 you should look for targets of 3600.
