Nifty: Nifty is probably locked inside a large trading range with support around 10550 and resistance around 11000. This is fairly a large range. A trading range give opportunities at its boundaries with selling done when prices approach the upper range and buying done when prices approach the lower range. At this time the trend is down so the investors should be patient in planning to make a buy position.
View: It was a narrow day in nifty, after a sharp decline from the last five trading sessions a relief rally is expected. Trend is still down. Traders should look to trade on the short side only. Look to sell on rally or intraday consolidation breakdown.
Stock of the Day:
|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 above 1455 with a stop-loss of 1440 and target of 1475.|
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