Trading for the week began with a marginally higher opening and bulls showed it dominance throughout the session. In the process, nifty registered another record closing high above 11300 mark and gained 0.37%. During the day, nifty lost some of its early morning gains however nifty reversed after testing the hourly 9-EMA. At this juncture, the overall trend is undoubtedly bullish however building long position at current level will not fetch good risk reward hence we advocate traders to concentrate on stock specific trades. For the day, 11350 – 11385 are intraday resistance whereas 11285 – 11250 are immediate support.
Tuesday, 31 July 2018
NIFTY VIEW >>>>>>>>>>>>>>>>
Trading for the week began with a marginally higher opening and bulls showed it dominance throughout the session. In the process, nifty registered another record closing high above 11300 mark and gained 0.37%. During the day, nifty lost some of its early morning gains however nifty reversed after testing the hourly 9-EMA. At this juncture, the overall trend is undoubtedly bullish however building long position at current level will not fetch good risk reward hence we advocate traders to concentrate on stock specific trades. For the day, 11350 – 11385 are intraday resistance whereas 11285 – 11250 are immediate support.