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Today's trading session Nifty opened on a slight positive note
In today\'s trading session Nifty opened on a slight positive note, and remained extremely volatile throughout the trading session before closing the day nearly flat from yesterdays close.
In today's trading session Nifty opened on a slight positive note, and remained extremely volatile throughout the trading session before closing the day nearly flat from yesterdays close.
NIFTY in its daily chart has formed a Doji candlestick pattern. A Doji convey a sense of indecision, as buying and selling pressure during the trading period was more or less same and neither were able to gain control. Going forward a turning point could be develop out of this pattern. Definitely it is signaling that the buying pressure is starting to weaken after a sharp rally market has witnessed last week. A move below 8150 we may see profit booking to trigger.
In the Stochastic indicator we can see that the distance between k% Moving average and d% Moving Average is decreasing, indicating slowing down the upside momentum. However, in the MACD indicator the signal line, MACD line and histogram are all trading above the zero indicating strong medium term trend. Overall we expect market to stay in a range with lot of intraday volatility as long as it will stay in a range of 8150-8250. Any strong movement is expected only beyond this range. Important support is at 8150 and a move below this level trader should book profit from the existing long position.
In such scenario trader is also advise to re-enter into the market again around 8000. As the medium term up trend is likely to resume around this level and it is very unlikely that market will drop significantly below this level. Especially at the present technical setup of the market which is extremely bullish. After a strong vertical move in last couple of trading session a consolidation or a short term correction is actually healthy for long term trend to strengthen.
By Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.
