Markets rally sharply from support levels of 4750-4800 only to be crushed by bears again from higher levels of around 4860

Markets witnessed a rally of 60-70 points from lows of 4780 around to 4860 levels, after that this rally got punctured by bears and Nifty was again down to same level where it started from. Bears are still in full control, supply is seen at around higher levels, but that doesn't mean you should not buy at all. Start creating a portfolio and buy on dips in a staggered manner and do not buy everything at one go.


Nifty view: It remains the same as 4750-4800 will act as a good support so shorts must be covered at around these levels and invest your first part of total amount that you are planning to invest in the long term. Tomorrow is an expiry day so markets will remain volatile, so intraday traders should keep a note of it and trade safely


Stock View: Allahabad Bank

Allahabad bank has taken good support from the nearest trend line and has bounced back sharply from the low of 116.30 so one can buy with a double stop loss of116




Stock Review:

Few days ago i recommended to buy Excel Info around 69-70 if high volumes support the stock move. the stock has moved up sharply around 13 % in a falling market.

BEFORE


AFTER



Have a happy Triple Witching day!! Trade cautioulsy

Regards

Ankit