Mazhar Mohammad said in next session if Nifty closes below 11,412 levels then it may set the tone for bigger correction which may eventually lead the index towards 11,230 kinds of levels.
The open interest in Bank Nifty has swelled sharply along with the up move and the current open interest in the index is the highest seen since August 2018 suggesting long build-up.
If the index sustains to trade above 11,557, it may induce a rally towards 11,800 levels. Again, any decisive breakout above 11,800 may induce a further rally in the market.
Any temporary cool-off towards 11,400 should be used as an incremental buying opportunity, paving the way for the next leg of upmove, says Dharmesh Shah of ICICI Direct.com
At this juncture, as risk-reward ratios for long side trade are not favourable, it looks prudent on the part of traders to avoid creating fresh long side exposure, Mazhar Mohammad said.
Devang Mehta of Centrum Wealth Management said the idea is to ignore the short term noise and pick robust businesses with earnings visibility.
Mazhar Mohammad said it looks prudent on the part of traders to refrain from creating short positions in anticipation of a corrective swing unless weakness gets confirmed in one or the other way
"The Indian market has been rather positive and don't forget that the market does have a reflection on the economy," Harris said.
Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy
The real estate sector is currently facing the heat from the spill over from the liquidity crunch in the NBFC sector, which is expected to lead to lower disbursements
Goldman Sachs expects earnings to grow 16 percent this year, highest in the region
Mazhar Mohammad of Chartviewindia.in said sell signals on lower time frame charts accompanied with negative advance decline ratio for second day in a row is pointing towards creeping weakness in the broader markets.
All eyes would be now on Q4FY19 earnings season, global cues (oil prices, currency movement, relations between economic giants) and domestic cues
We recommend investors to start accumulating quality midcap stocks to ride the next leg of major up move (around 30 percent from hereon)
We can safely say that what we are seeing is a massive catch-up rally. We are in the middle of a massive global bull market is fuelling liquidity, and India is doing a very big catch-up, said Suri
Rebalancing is mostly considered for lumpsum investments and with a long tenure in mind.
Valuations in India continue to be a concern, said Dennis.
Active response from RBI has changed the sentiment. In the long run, current FIIs investments are certainly healthy for the market.
For next week, Nifty has strong support at 11,365-11,255 and resistance at 11,525-11,650 range, says Sumit Bilgaiyan
Bollinger Bands are a type of statistical chart characterizing the prices and volatility over time of a financial instrument or commodity.
On immediate basis, 11,300 now acts as key support for Nifty monthly with next major placed at 11,000. Participant data points towards the bullish bias of Foreign Institutional Investor.
Turnaround in political sentiment and FPI flows coupled with the expected large inflows from rights issues and the Arcelor deal have driven the rupee appreciation, and the rupee could stay strong if the flows continue.
A high of 11,383.45 will act as an immediate resistance above which the momentum will resume till 11,465 – 11,523 levels, respectively. On the flip side, the gap area of 11,227 – 11,180.90 will act as strong support on the index.
Traders should use the Pivot Point in conjunction with other technical indicators to maximize their odds of success.
Mazhar Mohammad of Chartviewindia.in said in next trading session if Nifty slips below 11,370 kind of levels then it may set the tone for near term weakness in the index.