Nifty opened flat on weak global cues and traded flat with -ve bias. Buying witnessed at lower levels made market to recover around closing. Market breadth remains positive. It stalled yesterday after 3 day consecutive bull run. Banking/realty stock witnessed buying at lower level suggest demand for these stocks will increase in coming days. Advance decline was in favor of Bulls.Lets see some of technical triggers today.
Nifty still have a pending target of 5111 hope we will get it today. Many blogs and websites shouting to short, why they say that I didn't know . when trend is clear to hit 5300 its better to go long at dips rather short @ high. Nifty has big resistance @ 5156 level where I feel profit booking for this move can start.5011 is the support and good area to enter long again.Nifty formed a hammer on EOD chart which looks good sign for continuation of this bull run.Nifty closed above 61.8% retracement for 2nd day suggest likely to hit 5310 in coming days.Banks will be the boss in todays trading with the big boy RELIANCE.Hope SBIN will hit our target 2100 today.
Astec lifescience
buy @ cmp 52.5
stop loss 49
target 61 - 66
10 days
Happy trading !!!!!!!
Jay
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