Nifty: Expect some sideways movement
The Nifty had a strong up day and today most of the big and small stocks contributed to the upside. Since we have risen over a 150 point in 3 trading session, we could expect some sideways movement or a small reaction as long as the Nifty trades above 5260 – 5280 we should use these dip to go long. The only worrying thing is that the Bank Nifty has not been a big contributor to this up move; normally it is the biggest contributor to an up or down move
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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.
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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
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