“Despite extremely strong cues from the US as well as major Asian bourses, our markets opened slightly higher and then consolidated within a narrow range throughout the session. However, as mentioned in the previous articles, selective midcap counters are continuing their dream run and are certainly enjoying their outperformance as compared to large cap names.
Now, due to last three days of consolidation, we can now see a defined range of 10250 – 10368 for the Nifty and only a sustainable move on either side would dictate the near term direction. Since, the index is hovering around the 61.8% retracement of the recent down move; we continue to remain skeptical as long as 10368 remain unbroken. On the flipside, 10250 would be seen as a key support and a breach of this support would resume a corrective move to test sub-10200 levels. Traders are repeatedly advised to focus on some midcap pockets that are likely to provide better trading opportunities.”
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