Corrections are necessary and are required in the market to ensure that they remain healthy; traders should not lose their confidence if there is a gap-down in the market. Markets made the low in the first 15 minutes of trade and that low was not broken during the day. Markets have recovered from perfect levels. The support levels on Nifty are 14025 – 14050 and markets reversed from lows of 14048. On Bank Nifty, 30875 and 30925 is a strong support Zone, traders should buy in this zone. Bank Nifty reversed from the lows of 30935.
Markets have respected the key support level and have reversed from there and after reversing; market made new high for six consecutive sessions and yesterday was the 7th session where market clocked new highs. These clearly indicate that market is giving good opportunity to buy on dips and traders should not miss out on such opportunity. Market is extremely strong and that’s the key reason that markets bounced back sharply from lower levels yesterday after gap down opening. This move should boost the confidence of the traders.
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Traders should ensure that keep their stop losses intact and manage their quantity according to their risk appetite accordingly. Markets will never make a linear move for long time, fluctuations and volatility are part of the markets.
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