The rally from the lows of 24th September (36400/10800) is almost ~95% over.
Market participants and players who believe in symbolism and tokenism will wait for the magical level of 13000 before making the next move. However, it makes sense to book profits in NIFTY long trades and shift to stock-specific positions or staggered buying in NIFTY puts.
For the day, the markets have supports at 43553/12763 and resistance at 44153/12938. A move beyond these levels will set the momentum for the near term in the direction of the move.
|Date||23 Nov 20|