 "Trading strategies for Nifty PSU Bank, Private Bank indices")
Nifty PSU Bank
Last close: 4,258.55
Last close: 4,258.55
According to charts, the overall trend for the Nifty PSU Bank index is bullish. This indicates a positive sentiment and potential upward movement for the index. However, there is a resistance zone expected between 4,336 and 4,381. Traders are advised to book profits within this range and set a stop loss at 4,500 to protect against any unexpected downside movement.
If the index manages to close above 4,500, it would signify a significant breakout and open doors for further upside potential. In such a scenario, the next target to consider would be 4,620 and 4,800. Traders should closely monitor the price action and adjust their trading strategies accordingly.
The best trading strategy for the Nifty PSU Bank index would be to buy on dips. This means looking for opportunities to enter the market when the index experiences temporary pullbacks or declines.
It is important to set specific targets within the resistance range of 4,336 to 4,381 and aim to capitalise on the potential price movement within this range. If the index successfully breaks above 4,500, traders can consider re-entering their positions with new targets of 4,620 and 4,800.
If the index manages to close above 4,500, it would signify a significant breakout and open doors for further upside potential. In such a scenario, the next target to consider would be 4,620 and 4,800. Traders should closely monitor the price action and adjust their trading strategies accordingly.
The best trading strategy for the Nifty PSU Bank index would be to buy on dips. This means looking for opportunities to enter the market when the index experiences temporary pullbacks or declines.
It is important to set specific targets within the resistance range of 4,336 to 4,381 and aim to capitalise on the potential price movement within this range. If the index successfully breaks above 4,500, traders can consider re-entering their positions with new targets of 4,620 and 4,800.
Nifty Pvt Bank
Last close: 23,064.60
Last close: 23,064.60
On the charts, there is a strong resistance level at 23,225. It is crucial to observe whether the index manages to close above this resistance level before considering holding onto bullish positions. Until then, the recommended trading strategy would be to book profits at the current market price or at every rise, with a strict stop loss of 23,225 based on the closing price.
The support levels on the charts are anticipated around 22,660 and 22,150. These levels provide potential buying opportunities, but it is important to closely monitor the price movements and adapt trading strategies accordingly.
Considering the resistance level and the current market conditions, the advisable trading strategy would be to sell on rallies or at the CMP.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
The support levels on the charts are anticipated around 22,660 and 22,150. These levels provide potential buying opportunities, but it is important to closely monitor the price movements and adapt trading strategies accordingly.
Considering the resistance level and the current market conditions, the advisable trading strategy would be to sell on rallies or at the CMP.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).