«The next resistance for the Bank Nifty is at 51,900 to 52,000. So, I feel that market should do well. Bank Nifty should lead from here and at least I am expecting 1000-point rally in next three to four sessions in the Bank Nifty,» says Vinay Rajani, HDFC Securities.
Firstly, if you look at the markets, it is 140 points up today, 24,700. We have also claimed the 2nd August highs that we had seen. So, how are you looking at the Nifty trajectory from here on?
Vinay Rajani: So, basically, for the last four trading sessions Nifty has been rising and the all-time high for the Nifty was placed at 25,078, which was registered on 1st August and from that level we witnessed a correction and that correction went up to 23,900 odd level. If we were to take the 61.8%, which is the Fibonacci retracement level, Nifty has managed to close, it has surpassed that level, 24,625 was the level precisely, that retracement level that has been taken out. We have also taken out the crucial gap resistance, which was there around 24,686. So, now it is trading above that.
And as we have been discussing that the breadth of the market is quite strong, broader markets have been very supportive in yesterday's session also. Even if Nifty and Bank Nifty were muted, but we witnessed a sharp bounce in the Small Cap Index and Small Cap Index has crossed all the resistances and headed for the new all-time highs, so that is a good sign. And now, today, we are witnessing some shortcomings in Bank Nifty. Bank Nifty is looking very strong. So, Fin Nifty,
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