As I mentioned in my previous blog, 5400 was a crucial resistance for Nifty. Nifty broke that resistance and made a High of 5630 but couldn’t succeed to hold that level. It came down to 5135 once again. Now 5200 to 5400 is the range for Nifty and either side breakout will decide the new range for Nifty.
I think bias has shifted to buy side for short term & we may see a triangle breakout which will take nifty to 5900-5950 level. But that does not mean the major trend has changed, market will come down once again. It will not make a new high.
Sectors Looking Strong on Charts:
Auto, Banking, Pharma n Healthcare & FMCG
Sectors looking weak on charts:
Oil & Gas, Metals, Real Estate, Power & IT
To conclude, one can buy Nifty above 5390 for target 5940 with a stop loss below 5135. This is pure short term view, biased is still negative so investors can still hold their funds in debt instrument. One large sell off is still pending in market. Happy Trading!!!!
I think bias has shifted to buy side for short term & we may see a triangle breakout which will take nifty to 5900-5950 level. But that does not mean the major trend has changed, market will come down once again. It will not make a new high.
These stocks may outperform in short term.
In this leg Mid Cap & Small cap firms will outperform the large cap stocks. So I will suggest invest in mid cap stocks of strong sectors
Sectors Looking Strong on Charts:
Auto, Banking, Pharma n Healthcare & FMCG
Sectors looking weak on charts:
Oil & Gas, Metals, Real Estate, Power & IT
To conclude, one can buy Nifty above 5390 for target 5940 with a stop loss below 5135. This is pure short term view, biased is still negative so investors can still hold their funds in debt instrument. One large sell off is still pending in market. Happy Trading!!!!