Day Trad­ing Guide

The Economic Times - - Smart -

The strong per­for­mance of mid-cap and small­cap in­dices, which have raced to new life highs ahead of the benchmark, con­firms the bullish price struc­ture. The cur­rent place­ment of in­dex at up­per band of short-term ris­ing chan­nel en­com­pass­ing the up­move since De­cem­ber 2016 and pre­vi­ous gap down area placed at 8830 cou­pled with the over­bought read­ing on sto­chas­tic os­cil­la­tor on daily/ weekly scale war­rants a round of con­sol­i­da­tion, go­ing for­ward. We be­lieve one should adopt a buy on dips strat­egy as any in­ter­me­di­ate cool off will at­tract strong de­mand at the el­e­vated sup­port base of 8650 re­gion. We ex­pect the in­dex to even­tu­ally chal­lenge its 2016 high of 8968 in the near term.

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