The Nifty traded in a 30 point band the whole session. After seeing it move up and working hard to hold on to these high levels, the upside is limited. The Nifty might move higher, but odds are that a downward break is more likely, as the analyst has been mentioning there has been little support from the Bank Nifty in the recent up move. The analyst has gone short on Bank Nifty, a very aggressive and a high risk trade, but says he believes that it could have a good payoff if it works out. If one wants to assume short positions one could go short on the Nifty with a stop loss at 5250 – 5270 zones. Also note that technically the Nifty is still in an uptrend and a down has not been confirmed
The author could be contacted over e-mail at email@example.com
Mohit Gaba is a Technical Analyst and Trader. He has previously worked as a relationship manager at Citibank N.A (Dubai) and portfolio manager at ES Bankers Dubai Pvt. Ltd. After returning to India, he rejoined his father within the capital markets and has cleared the IFTA exam and is now a Certified Financial Technician.
For more information please write in to firstname.lastname@example.org
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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
- Nifty: Continued its losing streak for the third consecutive day
- Nifty sheds a ton on disappointing TCS show
- Indian Indices: Sensex tanks 200 pts; Nifty closed near 8600
- Technical pick: Nirmal Bang recommends buy this stock for target 70
- SMC Commodity Report (Metals & Energy)
Have a question?
Also On IndiaNotes.Com
- Idea Cellular Q4FY15 Preview: consolidated revenue expected to grow 20% YoY
- Q4FY15 Stock Recommendation: Buy Bharti Infratel