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Oct 23, 2012, 09.23 AM IST
Traders can go long on Nifty with a stop loss at 5630 for higher targets closer to 5820 to 5920 in days to come, says Technical Analyst, Mohit Gaba.
Technical Analyst, Mohit Gaba:
The Nifty opened with a small gap down traded to the lows of the day because of global weakness; it formed a small base and then started to move higher with good support from the Bank Nifty then consolidated at the higher levels closing close to the highs of the day.
The Nifty is range bound between 5630 and 5730 and my bias is positive as there is strong buying at lower levels plus we are in an uptrend. Hence trade long with a stop loss at 5630 for higher targets closer to 5820 to 5920 in days to come. I have been holding my Nifty long positions for more than a week waiting for an upward breakout.
May 23 2013, 13:57
- in MARKET OUTLOOK
May 23 2013, 09:33
- in Technicals