Day Trad­ing Guide

The Economic Times - - Smart -

The jour­ney from the low of 7894 in lateDe­cem­ber has yielded re­turns of 13% so far and with RIL wak­ing up from a deep slum­ber, Nifty man­aged to sus­tain above Tues­day’s break­out trade (i.e. 8900). Mean­while, in­tra­day charts of Bank Nifty sug­gests that it is in the last leg of bullish Gart­ley Har­monic pat­tern. So, a de­cline to­wards 20300 could be pos­si­ble. Pos­si­bil­ity of dou­ble top on the in­dex and pres­ence of gann pres­sure point around 8978 ad­vo­cate’s cau­tion. How­ever, given the buoy­ancy on the Dalal Street and as long as there is no ev­i­dent sign of trend re­ver­sal on the in­dex, traders are ad­vised to not cre­ate any short po­si­tions.

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