Nifty Private Bank Index: Resistance and Profit Booking
Identified support levels on the charts are positioned at 24,225 and 23,900. These levels are strategically significant as they could offer attractive opportunities for fresh buying.
Nifty PSU Bank Index: Booking Profits Amidst Resistance Dynamics
Transitioning to a cash position is prudent, especially in anticipation of a potential pullback. While the short-term trend favors a bullish outlook, identified support levels on the charts are situated around 5,436 and 5,325. These support zones become focal points for traders aiming to re-enter the market after profit booking. The recommended strategy involves selling on upward movements within the resistance range and adopting a cash stance. Short selling is discouraged, given the prevailing bullish trend in the short term.
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Disclaimer: Ravi Nathani is an independent technical analyst. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security. It should not be construed as a recommendation to purchase or sell such securities.
First Published: Dec 12 2023 | 07:42 AM IST