The NIFTY has been experiencing a downward trend, with the current market price (CMP) at 21570. Traders are advised to exercise caution and avoid buying and calls, instead focusing on puts. The target for NIFTY Jan Futures is 21500 or below.
When analyzing the market, it is important to consider the support and resistance levels. For NIFTY Jan Futures, the support levels are at 21620 and 21530, while the resistance levels are at 21820 and 21900.
Similarly, for BankNifty Jan Futures, the support levels are at 47700 and 47400, with resistance levels at 48150 and 48400.
Turning our attention to THERMAX LOGIC, there are several factors indicating a potential trade opportunity. The stock has experienced a big base breakout, accompanied by good volume activity. Additionally, there is tightness near the breakout zone, and a double doji day has been observed.
Given these factors, a trade was initiated at 3110 with a small stop loss (SL) of just 60 points.
It is important for traders to stay updated with market trends and make informed decisions based on thorough analysis.
