The level of 17049 was a possible SHORT TERM TOP for the markets, however the NIFTY not only broke it but managed to close substantially higher.
Now as long as 17049 holds, we could see buoyancy/further up trend in the markets – till 17300/17400 at least. However, if 17049 is broken on a closing basis and fails to be regained, the markets could drag themselves lower.
Any weakness below 17049 could find support at ~16670. The BANKNIFTY will possibly outperform the NIFTY.
Traders are better-off with a stock-specific long approach in these markets.
1 Aug 22
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