As we mentioned that Nifty may take reversal near 50 DMA of 5201 and it indeed proved to be true.
Our advise to traders to buy near this level must have minted money for them.
Today also Nifty may find support near 5201 level and next support level at 5153 which may provide trading bottom for short term.
We advise traders to buy on dips till 5183 level and try to exit on rallies as and when profit booking chances arises.
Bank Nifty is much better placed then Nifty-50 and is showing lesser degree of weakness.
So its smarter to bet on banking stocks then other stocks.
| Important Nifty Levels for 4th May | ||
|---|---|---|
Nifty Pivot (Trend Reversal Level) | 5243 | |
| Support | ||
| 5201 | 5177 | 5153 |
| Resistance | ||
| 5256 | 5279 | 5303 |
| Important BankNifty Levels for 4th May | ||
|---|---|---|
BankNifty Pivot | 9788 | |
| Support | ||
| 9746 | 9702 | 9662 |
| Resistance | ||
| 9843 | 9889 | 9939 |
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