Day Trad­ing Guide

The Economic Times - - Smart -

The weekly price ac­tion formed a Doji like can­dle en­com­pass­ing within last weeks bear can­dle, in­di­cat­ing range bound ac­tiv­ity amid pos­i­tive bias. As a re­sult, the in­dex con­tin­ued to os­cil­late in the vicin­ity of 200 day SMA over tenth con­sec­u­tive week, sug­gest­ing pro­lon­ga­tion of con­sol­i­da­tion, lead­ing in­dex to ap­proach apex point of con­tract­ing tri­an­gle. Mean­while, the Nifty has not cor­rected for more than three ses­sions, since Oc­to­ber 2018 low (10005). In cur­rent sce­nario, as it has cor­rected for last three trad­ing ses­sions, we ex­pect in­dex to main­tain the same rhythm, in turn sig­ni­fy­ing buy­ing de­mand to emerge in next cou­ple of ses­sions.

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