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Oct 19, 2012, 08.26 AM IST | Source: Moneycontrol.com

Go long on Nifty with stoploss at 5630: Mohit Gaba

Readers could go long on the Nifty with a stop loss at 5630; if one wants a tighter stop then we could place on at 5685 for higher targets, says Technical Analyst, Mohit Gaba.

Technical Analyst, Mohit Gaba:

The Nifty opened with a small gap up for a third day running, started to drift lower again like the earlier days only this time its consolidated at a higher levels and then spiked higher, it held its gains consolidating during the last few hours of the session at the same time edging upwards.

Yesterday’s up move was support by the Bank Nifty and could be a breakout from the long 3 week consolidation. I had long positions on the Nifty from day before yesterday and I have continued to hold them. Readers could go long on the Nifty with a stop loss at 5630; if one wants a tighter stop then we could place on at 5685 for higher targets.

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