#NIFTY50 and #NIFTYBANK today we saw a massive short covering rally. Also both nifty and banknifty were pretty oversold. Seems like nifty might still go upto 16700-16800 levels as mentioned in previous post. However, this does not seem sustainable for long term unless we start making higher lows higher highs. After continuous fall we are seeing a relief rally.
Those who made long position while markets were low are already in profits. On short term trades I will keep booking profits on such 2-3 day rallies as markets are likely to remain volatile.
