These Four stocks sisters on Rakhi gift, will secure future

On the day of F&O expiry, the Bank Nifty ended well inside the positive territory by gaining 1.75%. This up move just seems to be a pullback rally of the broader corrective trend in the index and hence, we advise traders not to get carried away by the up move in the index. The corrective leg from recent high of 19100 is an 'Impulsive' down move within which the current pullback is 'wave iv' corrective. 'Wave ii' in this corrective move was a sharp move and as per the 'Rule of Alternation', we do not expect any sharp up move in the BankNifty index. The 38.2% retracement resistance of the recent corrective move is seen around 17520 and thus, any pullback up to the resistance zone should be used as an opportunity to create short positions in the index. The intraday support for BankNifty is placed around 17050 and 16875 whereas resistance is seen in range of 17480 – 17520.

Stock Tips by Stock Raja 


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