The major Indian Indices Nifty and Bank Nifty had a major short covering in today’s session and closed in positive by the end of Day.
Nifty was more bullish than Bank Nifty in comparison. Nifty had about 170 points positive move to close at 19727 from the day low.
Bank Nifty closed at 44600 after a great short covering from Day low of 44182. As shared in our yesterday’s Market Prediction Post, all Bullish Targets got hit by end of the Day.
Now, the question arises, How we predicted this Bullish move for Today? The three simple logics to our study are:
- Global Market Sentiment
- Support Level of 44180 in Bank Nifty and 19550 in Nifty
- Expected Short Covering after huge selling.
Based on these parameter, we expected a good short covering and the results are visible on charts today.
Those following our study must have made good profits and learned something logical in the market.
Bank Nifty seems to have left some pending levels upside and the positive global data by end of the day is also suggesting a Gap Up Opening Tomorrow.
Dow Jones Future is also trading in Positive and other major global Indices are in Green. So, if you are holding a BTST Position in CE side then be relaxed and wait for the markets to open.
In case we see a flat or negative opening, then please book the BTST first and then let the market settle for a new swing and check out our Nifty Prediction for Tomorrow for more clarity.
