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Way2wealth's Daily Technical Bites

Way2wealth | 15 Jul, 2016  | Follow Author | Add to my Favourites 
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Way2wealth's daily technical bites offers technical analysis on Nifty and Bank Nifty spot, daily stock recommendations, currency updates and more...


On Thursday, our benchmark indices opened on flat note on the back of mixed cues across the Asian bourses. The index traded within a narrow range during the initial hours of trade but hold the 8500 level. Just prior to mid-session, bulls started roaring and eventually drive the Nifty higher above 8550. In the process, Nifty ended the session at the highest point in last 10 months. The index concluded the session well inside the positive territory and added another 0.53 percent into bull’s kitty. Looking at the daily chart, we are seeing a Higher Highs Higher Lows formation which indicates strong trending market. We have pointed out earlier in our previous report to avoid shorting this market which played well in yesterday’s session. Looking at the current optimism, we expect Nifty to rally and test 8621.55 / 8654.75 which coincided with the swing highs on daily chart. Thus, traders are advised to use any corrective move to initiate long position. On the lower side, 8500 / 8475 zone will be a strong support zone for coming trading session. Traders are advised to focus on stock specific trades which will be prudent strategy in terms of reward to risk ratio.

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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.