Buy Nifty Future above 5950: RK Global

According to the technical report by RK Global, one can buy Nifty Future above 5950 with a stoploss 5930 for a target of 5990.

Nifty is continuing with its strong down trend, it closed just above 5880 from where it rebounded last time. Breaching of 5880 level will open up steep down fall straight way towards 5820-5840, as we already projected in our previous posts. Negative Index breadth is again picking up along with the strong down trend in broader Index. Trend following indicators are showing bearish indications like, 13-30DEMA bearish cross down along with MACD running below its zero line, so down side momentum could be severe below 5880.

Index companions like, bank is getting weaker with each consecutive session, while metal, capital goods all are already in steep down trend. Few stocks like Maruti, DLF, Axis Bank & Wipro those were untouched of this ongoing retracement, finished off the session with an indication of bearish reversal (further confirmation is awaited) so stay cautious.

Nifty (Fut): 5900.20-

Trading Strategy for Nifty Future:

Buy above 5950, target-5990, SL-5930.

Sell below 5900, target-5860, SL-5920.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment

Read More