** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **
Good evening! The index managed to close above a comparatively major hurdle around 30800 which is positive for the momentum. FIIs remain net buyers and the index could very well be propelled to 31780, fueled by a short-covering rally. In that respect, Nifty would close the year above 14000, making quite a history. Stochastics remains in the overbought zone but the index has managed to pull a, yet another, v-shaped recovery making it the flavour of the year.
In case of a GAP-UP, one can go long if the index sustains above 30800/30930 for targets of 31350-31500-31800. 30800 should act as a good support to confirm the ongoing rally.
In case of a GAP-DOWN, one can go long if the index manages to sustain above 30800 for targets of 30930-31350-31500. If the index fails to recover above 30800, one can short for a target of 30600 where it might try and find support.
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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
Good evening! The index managed to close above a comparatively major hurdle around 30800 which is positive for the momentum. FIIs remain net buyers and the index could very well be propelled to 31780, fueled by a short-covering rally. In that respect, Nifty would close the year above 14000, making quite a history. Stochastics remains in the overbought zone but the index has managed to pull a, yet another, v-shaped recovery making it the flavour of the year.
In case of a GAP-UP, one can go long if the index sustains above 30800/30930 for targets of 31350-31500-31800. 30800 should act as a good support to confirm the ongoing rally.
In case of a GAP-DOWN, one can go long if the index manages to sustain above 30800 for targets of 30930-31350-31500. If the index fails to recover above 30800, one can short for a target of 30600 where it might try and find support.
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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin