Yesterday we saw a huge upside rally in both Nifty and Banknifty Index of 10% upper circuit which we rarely see in Index. Now the fact is how much Nifty and Banknifty futures index will react intraday.
I think today short position will built up and long position will be triggered stoploss. Let me give the glimpse so that you can trade Nifty and Banknifty accordingly with strict stoploss.
Nifty Index opening can be seen weak and the weakness will continue till 8400 those who are in long position can keep SL at 8400 S1 following by 8050 S2.
To take short position in Nifty will be idle to short near 8700 for huge downward rally which is still pending. I doubt Nifty may retouch or break its 52 weeks low soon keeping eye on Covid-19 case in India.
Coming to Banknifty, 18200 is a supporting level from where you can take a long position for short term profit. Stoploss for long position will be very critical 18200 levels, if it breach it is very difficult for Banknifty to sustain and the lower target can be seen 16800. Now the fact is can Banknifty retouch or break its 52 weeks low once again keeping corona virus and lockdown on eye.
Stay tune with us for more live update on Nifty and Banknifty Index.