The Nifty is back inside a trading range – in
fact the same range where it spent a lot of time before breaking down. Support
comes in at 8050 and resistance at 8150. Inside this range, not much of
opportunities will come about.
CHOPPY MARKET ON FRIDAY TELLS US MARKETS HAVE
NOT GIVEN FOLLOW THROUGH ON THURSDAY GAINS; NIFTY ENTERS TRADING RANGE AGAIN;
INDEX NOW HAS SUPPORT AROUND 8050 AND RESISTANCE AT 8150; NEXT MOVE COMES ON
BREAK OF THIS RANGE
·
Bank
Nifty traded in a narrow range on Friday and remains below to its short term
resistance near 16200 – 16220. A breakout from this resistance may give us
another buying opportunity in Banking Index. Trend is up in Bank Nifty and PSU
Banks are outperforming the Banking Sector. Traders should look for a position
buying in these PSU Banks
·
Big up
move continues for CNX IT. From the last 3 trading days prices have seen a
rally of approx 300 points. After such a stunning move, prices tend to
consolidate or trade choppy. We might see some choppy price action in IT Index.
As of now trend is up and we should look for a buying opportunity in IT Stocks.
·
OIL
Sector has been declining and in a phase of correction. This correction seems
over now as prices find support near the last swing highs and begin an up move.
Trend is up in this sector. Traders should look for a Buying opportunity in Oil
Stocks such as BPCL, GAIL, HINDPETRO, IGL, ONGC and RELIANCE..
For More Contact Research Expert goo.gl/zHC7it
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