Nifty-Will it going to break 14650?
There is no negative news overnight, and today is the weekly expiry day. Nifty has already crossed an all-time high yesterday. BSE yet to do the formalities to break the all-time high in a couple of days. The nifty bank is preparing itself to follow it.
The coming session will see the levels of 14700 and 14755 acting as resistance points. The supports come in at 14580 and 14500 levels.
There are chances of some profit booking and retracement if the Sensex touches 50,000 levels.
Keeping this in mind, we recommend avoiding shorts and continue picking select stocks with vigilant protection of profits at higher levels.
A cautiously positive outlook is advised for the day.