Hi All,
As expected, markets celebrated the November
Fool’s days and drifted down badly till around 8000
levels, though there was a bounce of ~ 5-6% from those levels, the same was not
sustainable and Nifty currently again trading near the supports 8000 levels.
On the daily charts, Nifty is trading in a
highly oversold zone with RSI being as low as 25-26 levels, since a strong and
sharp bounce was seen from the 8000 levels, we can expect these levels to hold
on at least for short term.
However, broadly looking at the recent fall
in markets suggests that the midterm bullish trend is at a risk now and any
bounce can only be short term in nature unless some key levels on higher side
are not surpassed.
Traders are advised to take a long trade @
CMP of 8060-8080 with a stop loss of around 1% below 8000 levels and targets
8150-8210-8280
Cheers
Update - 12.54 PM 18th November
Update - 12.54 PM 18th November
Hi All,
As expected Nifty bounced back and is up by
almost .5% from the initiation levels, day traders can either book profits near
the resistance of 8115-20 or trail their stop loss.
Nifty, once sustains, 8120 can then head
for further targets mentioned earlier….
Cheers
