NIFTY is going steady. Take long positions and place stop loss at 5447, as this is the closing base.
Upper side: 5613 / 5666
Down Side: 5487 / 5435
For Intra-day trade, it is highly advisable to use Camarilla pivot levels. Under this if H4 (5620) is not crossed then we can sell with H4 as stop loss. Meanwhile in this case the target levels will be 5585–5573–5562.
Bank Nifty (Refer Chart: - Bank Nifty July)
For Bank Nifty the weekly levels will be as following –
Upper side: 11193 / 11400 / 11535
Downside: 10900 / 10780 / 10570
Nifty and Bank Nifty are trading above the trend resistance, we can expect correction at least unless they move the resistance levels to form new trend.
Sell at Rs 216 levels
Stop loss at Rs 218.50
Target price of Rs 214 / 211
Sell at Rs 705 levels
Stop loss at Rs 713
Target price of Rs 689
Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.goodreturns.in
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