SGX continues to blow hot and cold thus dictating the domestic trends. We observed that the Daily charts of Nifty has been indicating that the recent decline has reached into strong supports to the ascending trendline. Hence we reckon some rally to emerge in the next few days ahead of the expiry. The key level to watchout for on the downside is 9700 at the moment.
One could use a range breakout of the first 30 minutes of the day and look to trade index on the long side for an intraday play. The prospects of a rebound looks more probable. We are also aided by a resumption of the upward momentum as seen on the charts.
One could use a range breakout of the first 30 minutes of the day and look to trade index on the long side for an intraday play. The prospects of a rebound looks more probable. We are also aided by a resumption of the upward momentum as seen on the charts.
Trade closed: target reached:
NIFTY POWER....Brilliant move to the upside as indicated in the morning. Intraday players made a slow and steady 50 bucks . Looks set for more but one should consider booking profits if your timezone is ID.