Nifty formed a narrow range body post the Doji formation keeping the positive trend intact. It continued its bullish move for sixth consecutive session and registered a fresh 52 weeks highs of 8982. Overall the immediate trend may remain positive until it doesn’t break its trend line support of 8820. Now it has to continue to hold above 8888 to extend its up move towards 9000 and its life time high of 9119 while on the downside supports are seen at 8850 and 8820.
Last Close: 1,156
Stop Loss: 1,120
It formed double bottom near to 1070 and has been holding the gains above its previous hurdle of 1140. Thus recommending to buy on decline for the target of 1225 with the stop loss of 1120 levels.
Last Close: 284.50
Stop Loss: 275
It has managed to hold immediate support of 275 and has been witnessing sustain buying interest at every small decline.
Last Close: 90.55
Stop Loss: 93.50
It has made double top near to 96-97 zone and formed a Bearish Engulfing pattern on weekly chart. Now a hold below 90 would attract fresh selling pressure which may push it towards 84.
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is an Deivatives and Technical Analyst at Motilal Oswal Securities.