The NIFTY had a random, volatile and completely unpredictable trading session on Friday, with the index itself moving up and down repeatedly. Eventually the index closed significantly lower, losing 159.5 points and ending up at 9154.40. With Friday’s close, the week has also closed with losses. Yet, with all the sound and fury, the NIFTY continues to remain inside a trading range, and it also remains above 9000.
Trading range in the NIFTY
The NIFTY has a large trading range inside which it has been moving for many days. Resistance comes in at 9400, and support at 8900. Inside a trading range, markets can move almost randomly. The best and safest trade is to wait for the range to breakout in one or the other direction.
Second trade comes in if the NIFTY falls towards 8900. In such a case it is possible to buy the dip with a tight stop just below 8900. The exact opposite is also possible if the NIFTY goes towards 9400. Then, we can go short in the NIFTY, with a tight stop just above 9400.
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Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint
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