Nifty opened up above our reference level of 5920, broke it and then broke on the upside again to go for a solid 100+ points rally. The ideal trades for the day are marked on the chart. A trade with low risk:reward at the ideal levels. At NiftyPower, we took the lone short call at 5955-5960 levels which almost did our second target of 30+ points. We avoided the long trades today as the larger trend is still down although Nifty was at over sold levels.
Tomorrow will be an important day for deciding the larger trend of the market. If Nifty manages to give us a close above 6030 tomorrow, our bias will turn towards upside and Buy on Dips will be more favorable. However, if it is not able to test 6030 and instead, breaks and close below 5960-5955 levels, then this upmove may be termed as a relief rally to correct the oversold levels. This will mean more downsides. Between 5960 and 6030, the trend remains unclear as of now. Watch these levels closely tomorrow.
23 Nov: Nifty spot resistance at 6020-6030-6060-6085. Support at 5980-5950-5930-5890 - www.niftypower.com
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