172@29@17@144!~!172@29@0@53!~!|news|podcast|d-street-talk-podcast-we-are-in-a-no-trade-zone-in-nifty-gold-could-rally-by-over-1935-5537411.html!~!|controller|infinite_scroll_article.php
Moneycontrol
Financial Freedom Offer: Subscribe to Moneycontrol Pro and grab benefits worth ₹15,000/-
you are here: HomeNewsPodcast
Last Updated : Jul 13, 2020 05:30 PM IST | Source: Moneycontrol.com

D-Street Talk podcast | We are in a ‘no-trade’ zone in Nifty! Gold could rally by over $1,935

The yellow metal could rise towards $1,935/ounce in the next six months of 2020.

The Nifty50, which managed to close the above 10,700 levels for the week ended July 10, could face selling pressure near 10,800-10,900 levels that have acted as critical resistance levels in the past.

The Nifty50 is more likely to trade in a range and to initiate an active breakout or a breakdown is required till then we are in a no-trade zone, Manish Hathiramani,  Index Trader and Technical Analyst, Deen Dayal Investments, said in a podcast ‘D-Street Talk’ with Moneycontrol.

Close

“The markets continued their range-bound movements on Friday. Nothing has changed in the last four trading sessions. We have closed within the range of 10,650-10,850. Both these levels continue to remain important and crucial this week as well,” he said.

Hathiramani further added that the index is in a "no-trade zone" because if the volume activity has remained soft and unable to break either side of the 200-point range.

On the downside, a break in the levels 10,650 could see a 100-150 point fall in the Nifty, and on the higher side, if the level of 10,850 is taken out, then another 100-150 point-rally is possible, he said.

Commenting on gold, Hathiramani said the yellow metal could rise towards $1,935/ounce in the next six months of 2020. Based on technical parameters, traders could place a stop loss of $1,450/ounce. Till then, buy- on-dips strategy will work.

(Tune in to the podcast for more)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jul 13, 2020 05:30 pm
Sections