Day Trad­ing Guide

The Economic Times - - Smart -

Nifty has formed in­verted H&S on a daily ba­sis, which is bullish con­sol­i­da­tion and tar­get­ing the level of 8700 in the next cou­ple of months. How­ever, buy­ing is ad­vis­able on re-test­ing or pull back to neck­line sup­port, which is at 7800. From short-term point of view, Nifty is trad­ing near 200-day SMA and above 8000, which in­di­cates high chances of an­other short-term up­trend rally. On the other hand, trad­ing be­low 7900 may trig­ger profit book­ing by short-term traders. In short, the medium-term trend is pos­i­tive and ideal strat­egy should be to add long po­si­tions at re­trace­ments lev­els.

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