No matter what the domestic naysayers or the global cues say, I stick my neck out with an aggressive buy on dips for the NIFTY & the BANKNIFTY.
The NIFTY will trade in the broad range of 17020 (16820 if you’re a conservative trader) and 17517 for now and the BANKNIFTY – 35778 to 36457. My bullish view will be negated only if the respective indices trade below the lower range for 2 consecutive trading sessions. Similarly, if they manage to hold on to the upper levels for a day or two – we will move towards newer highs in the months, if not weeks to come.
Conservative traders are better-off sticking to stock-specific opportunities because, the indices will be volatile – while going up as well as while trending lower.
My target for the BANKNIFTY is ~50000 in the current FY – that should make the stock selection for conservative traders relatively easier.
25 Apr 22
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