Strategy on NIFTY BANK
CNBC-Awaaz editor – F&O, Virendra Kumar says that the BANK Nifty has a resistance zone at the level of 34120-34387 while the first base zone at the level of 33300-33161. Like Nifty, Bank Nifty slipped below 50 DEMA. So sell below 34000-34200 in it. Create a selling strategy in the boom. The 33000 level is possible when the Bank Nifty slips below 33600. Pullback is possible if the boom turns above 34200.
What should be the strategy on nifty
CNBC-Awaaz editor – F&O, Virendra Kumar says that the Nifty has the first resistance zone at the level of 14670-14710 while the first base zone at the level of 14471-14410 is lost 400 points in net sales of 1000 crores. Cash purchases of FIIs are relieved but the level of 50 DEMA has been broken. Sell on bounce below 50 DEMA. Keep an eye on the bond yield. 14470 is the base for February and March. Decline of 14470 will further increase. Short cover below 14710. Nifty has 14710-14471 critical levels.
Yesterday, about 36 thousand new cases of corona have been found in the country. The biggest boom has been seen in the last 100 days. The situation in Maharashtra is critical. A record 25800 cases were registered in one day. On the other hand, the pace of vaccination has also increased. So far, 390 million people have been vaccinated.
There will be plenty of action in the primary market. Today there will be listing of Easy Trip Planners IPO. The issue was 159 times full. Today is the last day of IPOs of Nazara Tech and SURYODAY SFB. The Kalyan Jewelers closed after subscribing more than two and a half times.
Today’s share of IT shares may rise due to ACCENTURE’s second quarter good performance. ACCENTURE has seen an 8% jump in revenue. REV GUIDANCE has been increased from 4 to 6 per cent to 6.5-8.5 per cent.
Today the FTSE will have quarterly rebalancing. 600 crore is expected in RIL Partly Paid and about 900 crore rupees in Bharti Airtel. There will also be investment in MIDCAP companies like HAL, ADANI GAS, Honeywell.
The softening of crude has given relief in the midst of a fall in the stock markets. In the US, crude oil is seeing a decline for the fifth consecutive day due to increase in reserves and the strengthening of the dollar. Crude has become cheaper by about 10% in 1 week. Keep an eye on OMCs and paint stocks.
Today is the day to trade thoughtfully in the market. Global signs are not very good. DOW FUTURES is up nearly 100 POINT but the Asian market is weak. SGX NIFTY is also trading below. The US markets have shown profit-booking due to concerns over rising bond yield.
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