On 16th October 2019 Nifty opened at 11465, made a low of 11,411, High of 11,481 and closed 11464. It was a very ranged bound day, where 11,400 is acting as a good support. If you see our newsletter of 10 October, it is clearly mentioned that the market range of 11050 to 11,500 and you have initiated an IRON condor based on our call, then it is in good profits now.
Here, the market should consolidate, but still, there is no sign of weakness in the market. As long as Nifty remains above 11,350, the trend should be positive.
After a good rally from 11090 to 11,481 market may take a breather here, as this is a 62% retracement level of the earlier fall. Making a fresh long is not advisable as a risk to reward is not favorable. Stock specific action to continue and to provide good opportunities.
It is looking like a flag from the hourly chart, but the length of the flag is too much, so this will not be a very reliable signal to go long from here.
Stocks analysis for the Day
- Buy Yes Bank above 42 with stop loss below 40, the target of 45
- Voltas: Buy above 676 with a stop loss of 666 and the target of 690
Chart of the Day
The above chart is of Ramco cement, 60 mins chart. It can be bought above high of the last candle.
Note: To get the live calls you can join our free telegram channel.
Please read the disclaimer before putting your hard-earned money.