According to technical report on Nifty
by RK Global, one can buy Nifty above 5950 with stoploss of 5930 for a target of 5990.
After a range bound choppy movement for the whole session, Nifty ended on indecisive mode at 5854.75. It exactly touched 5878.40, but failed to penetrate 5880 level. We still believe its neck line resistance of “Head & shoulder pattern” is at 5880-5890 level, which will act as the demarcation line between bulls and bears. Along with broader trend, Index breadth was also indecisive. From technical perspective and last few daily movements suggests it is stuck within a narrow trading band of 5820-5890 level. Though we still hold our immediate target of 5780 but, we observed some short covering interest to come into play on dips and on the flip side selling pressure on rise. Ahead of global volatility, we believe Nifty to remain highly volatile but as the dominant trend is down so we prefer sell on rally strategy.
Nifty (Fut): 5857.80:
Buy above 5950, target -5990, stoploss-5930.
Sell below 5820 target- 5780, stoploss-5840.
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