"BUY NIFTY FUTURE 2 LOTS ABOVE 15930 TARGET 16050/16253 STOPLOSS 15817"
The Nifty went on a four-day losing streak on
Friday, ending above its 50-day simple moving average. The index formed a
bullish candle with a long lower wick on the daily chart, suggesting a
hammer-like reversal candle. With that, the index has also negated the lower
high-low it has made over the past few sessions. The index formed an inside bar
candle on the weekly chart, signaling a loss of momentum. Analysts said the
index has support around the 15,850 level while they see resistance for the
index above the 16,200 level. It's a sell-on-rise market. At yesterday's
intraday low of 15858, the index tested the lower end of said ascending channel
and recovered. Therefore, a hold above the 15,858 level may help the Nifty make efforts to consolidate at the 15,950-16,275 levels. A close above 16150
can confirm the strength. A close below its 20-day SMA (15,843) may signal the
resumption of the decline off the recent high of 16,275.
Nifty stumbled near several technical parameters over the past week, near
16,200. It has been hovering near the 16,000 level for the past few sessions.
An inside bar has formed on the weekly chart, indicating a loss of momentum.
The near-term support zone for the index is 15,850-15,900. Once this is
breached, the index may slip towards 15,500. From a trading perspective, sell
on rise will be the strategy for short-term traders with a reversal above the
16,275 swing high. It seems that the markets are not too keen on going further
down. This is a sign of accumulation. Nifty needs to move and hold above
16,050-16,100 to confirm the bottom is in.
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