The NIFTY opened above 9300 today with a gap up of 331 points. However in the first half prices have seen a decline and made its intraday low at 9091.35. In the second half, prices have recovered all its intraday losses and finally closed at 9266.75 with a gain of 273.95 points. FINANCIALS and AUTO were the biggest gainer among the sectoral indices.
Narrow Range Breakout In The NIFTY
Yesterday, we had identified a narrow range inside 9150-8850. This range has seen a breakout today. Target for this breakout comes near 9350. Traders can look for a long trade with a stop just below 9250.
Carry forwards or swing traders can take a long trade with a stop just below 9250 and a target around 9350.
Intraday traders should also look for buying opportunity on any intraday dips or consolidation breakout.
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Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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