Yesterday
Nifty continued its previous day rally, adding 47 points ended at 8544 level,
indicate positive outlook for the index. Technically index is trading below 20
DMA and 50DMA, but Nifty started making higher high pattern, indicate cautious
view. On the descending triangle pattern front, index has closed within the
channel, indicate any either side of the closed will confirm the trend. For bulls
to resume Nifty must closed above 8660 level, on the flip side 8400 will act as
a strong support level.
Ahead
of US presidential election result, Nifty will be worried, also there would be
huge volatility into the market. Stay limelight or avoid trading unless the
volatility settles.
For
today, any trade above 8560, index can rally towards 8640 level, further 8680. Risky
trader can accumulate Nifty at current level with 8400 Stop loss on closing
basis.
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