Nifty: Third attempt to break above 10780-10800 failed yesterday. In the last three trading sessions, bulls are trying hard to take prices above 10800 but at the end it did not hold and eventually closed below 10800. In the last trading session prices have made a high above 10850 but in the last hour of trading, bears came and took price below 10800. However, bears also don’t have enough strength to bring price much lower. Metal, energy, realty stocks pulled the Nifty below 10,800.
View: Nifty has seen a sharp intraday upside move today after a gap up and then a sharp decline in the last hour of trading . As of now, we don’t expect any major respite and prevailing consolidation would continue. In coming days, the current range(10550-10800) would further narrow down and either side break will eventually result in strong directional move. Till then, one should continue to concentrate on stock specific front and trade accordingly.
Stock of the Day: (Technical Pick)
|The trend of the script is bullish. On the intraday chart ,there is a positive cross-over of the moving averages and a trend line breakout therefore, it can be bought at CMP with a stop-loss of 922 and target of 950.|
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