Posted By : Kishore B.S
After 8 consecutive days, market closed in red and stopped falling down with the crucial support of 5950 and 6000, now it is an opportunity for short term traders to buy Nifty, or go long on Nifty, because Nifty in day chart has formed a morning star pattern which is sign of bullishness, also to keep in mind is that, Nifty is on crucial support of 6000. So you can go long on Nifty keeping a stop loss as 5950 and you can look for target of 6150 and 6200 in coming week.
The bank Nifty is out performing Nifty from past one month which is a very good sign, and also important to note is that all the PSU banks are looking very attractive at the current price levels to buy as well as to accumulate more. Looking at charts we can find that Bank Nifty has also formed a morning star pattern in its daily chart, which is again bullish sign, so you can go long on bank nifty keeping a stop loss 10493 and can look for the target of 11000 and 11200 in coming week.
The US market and Asian markets closed more than a Percent higher. and also SGX Nifty up by 45 points which indicates that markets can open with a gap.