1) Nifty has taken support at 26-day EMA in the last several sessions.
2) It made the highest closing ever, just two days ago, indicating overall bullishness in the market.
3) The candle stick patterns of the US market indices yesterday indicate that, even though they ended in red, all of them bounced off the day’s lows significantly.
4) HangSeng index is trading in the green as of now, up by a decent 0.7%.
All these point to a positive day for Nifty today.
After opening lower by 40 to 50 points (in the range 15660 to 15680), Nifty presents a buying opportunity for a potential target of 15800, with a possible new high next week. Favoured sectors continue to be construction, midcap-IT and pharma.
2) It made the highest closing ever, just two days ago, indicating overall bullishness in the market.
3) The candle stick patterns of the US market indices yesterday indicate that, even though they ended in red, all of them bounced off the day’s lows significantly.
4) HangSeng index is trading in the green as of now, up by a decent 0.7%.
All these point to a positive day for Nifty today.
After opening lower by 40 to 50 points (in the range 15660 to 15680), Nifty presents a buying opportunity for a potential target of 15800, with a possible new high next week. Favoured sectors continue to be construction, midcap-IT and pharma.
Trade closed: target reached:
Nifty made a new high.