Nifty opened with huge gap down due to international pressure and concerns of a possible rate hike by RBI in Tuesday's monetary policy.
Since Nifty lost too much is a single day so it found support at lower levels after losing more than a 100 points during the middle of the day and rebounded after breaching 50 DEMA at 5170.
Now we advise only traders to accumulate on decline with very strict SL in Nifty spot at 5141 as we expect very severe weakness below this level.
One should avoid rate sensitive stocks which includes banking shares and realty shares.
For a normal investor best strategy is to sit on sidelines and wait for clarity before venturing into the market.
Level of 9171 is very important support level for Bank Nifty.
If Bank Nifty breaches 9171 then we can see some more correction or good bounceback.Close below 9171 level will invite serious problems in banking sphere and we must see all round correction in all bank stocks.
| Important Nifty Levels for 20th April | ||
|---|---|---|
Nifty Pivot | 5198 | |
| Support | ||
| 5162 | 5141 | 5119 |
| Resistance | ||
| 5226 | 5258 | 5278 |
| Important BankNifty Levels for 20th April | ||
|---|---|---|
BankNifty Pivot | 9289 | |
| Support | ||
| 9255 | 9210 | 9171 |
| Resistance | ||
| 9354 | 9396 | 9443 |
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