Nifty: In Today’s trading session, a gap up opening of 70 points did not sustain and the prices filled the gap within of 30 minutes of trading and closed even lower by 67 points. Prices saw a large intraday decline and banking & financial sectors lead the decline.
In the last three days of trading prices are making a high near 10770 and this zone inside 10770-10800 seems a strong resistance for the Nifty. Last swing low was made near 10430 which is acting as a support. It has been almost two months for prices to trade inside this range. This range is not giving us any actionable trade but give us a sense that any kind of positional trading should come beyond this range.
Nifty has seen one sided move in the last trading session which is on downside. Short term trend is sideways. Traders should look to buy on dips or sell on rally opportunity.
Stock of the Day:
|The trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and a trend line breakout therefore, it can be bought at CMP with a stop-loss of 910 and target of 924.|
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