Nifty

It is still on mixed signal. Would not be taking fresh long position with high confidence. On the contrary if 22300 is decisively broken on the down side, would comfortably take short and hold on to it. Until the level is broken a smart trade would be a non-directional one. Upside resistance on a weekly basis is 22600. If breached and gives a strong closure above on a weekly basis, then would turn completely bullish.

Banknifty

Banknifty is where our complete focus lies on for this week. Would be maintaining a strong bullish bias until 47700 is broken on the down side and gives an one hour closure. Until then our bias remains on directional long side with 47700 as good support and 46500 as a very strong support. Patience is the key.

Happy and safe trading for the week 🙌

~PR