Nifty taking support at around 11800 level as well as a recently developed uptrend line (marked in green). It might bounce back from here and form a sideways pattern before resuming its down move.
But I will not be in hurry to initiate a long trade.. not before there are good volume bullish candles in intraday charts.
MOMENTUM TRADE IN BANKBARODA
-THERE IS RISE IN OI +RISE IN PRICE
-CLASSICAL PULLBACK AFTER BREAK-OUT
CHECK PREVIOUS IDEA
Scrip closed up on a massive selling day triggered by uncertainty in GOVT. Formation in Karnataka. FIB support also seen. Low volumes in this scrip usually, but not always, indicate instituitional buying. Caution: scrip is thinly traded mostly by instituitions.