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Nifty - Will buy-on-dips strategy work this time?Will buy-on-dips strategy work this time? This is the best setups for bulls - buying on dips and a jhat-pat trade. The resistance turns support at 8,970 (pink line) will be crucial for bears to break. The recent rally in the range of 9,000-9,200 seems to be disheartened for bulls. The rangebound session with index being firm above 9K express positive yearly settlement for traders. The move from 1st week of April will be the trend decider. RSI has broken previous two swing lows while the negative crossover on Stochastic hints the failure of buy-on-dips strategy this time. But the confirmation will only be below the pink line. The move above the fresh highs will negate the setup.
NSE:NIFTYShort
by bbrijesh
3
Short Wipro March FuturesStochastic showing mild divergence and suggests that its in overbought zone. Stock has already touched near the 161.8% fibonacci extension from its low of 311.05 (December) and facing resistance near 380 levels. MA on daily charts is about to give bearish crossover. Weekly charts has many more to offer. Short buildup is noticed near the ATM strike calls and and long liquidation noticed for ATM puts. Closing below 370 stock may retest 360/350.65/343/335/324 levels in near to mid term. Closing above 380 stock will head towards 400 mark. Near by support: 370(O)/360(F) Near resistance: 380(F)
NSE:WIPROShort
by TradersVenue