The markets continue their upward journey and closed up 0.74% at 11215.45 on the back of gains in heavyweight stocks like Reliance, ICICI Bank, Kotak & ITC.
But the levels remain the same as yesterday. Nifty is at a significant resistance of 11244 and pullback upto atleast 200 Day average is likely.
Yesterday US markets closed down and SGX Nifty is showing 90 points cut at the time of writing this article.
Banknifty is overbought at early July peak around 23050. As per traditional Technical analysis, prices usually test the apex of the rising wedge after the breakdown. The Bank Nifty is showing the same pattern.
The undertone of the markets remains bullish but we may go for correction up to 10850 and 10550.
Here’s the most oversold stocks based on my Swing Trading Strategy. You can choose to go long on intraday correction of 2-3% from previous close.
Have a profitable day!