Nifty continued to remain in the same range and is expected to break out from the range within a week.If we see the stock specific data a sudden up move in mid cap stocks is visible and that can lead the nifty in coming days. Mid cap index was under performing nifty for quite a few weeks and the recovery would be encouraging for nifty for an upside move.As the volatility index is still on the downside there is no point in buying a break out in nifty thus in the coming days buy the dips than break outs as it makes sense when the volatility index is down. It would be interesting to see how much nifty can move up besides a poor earnings season and inflation data. World markets are seeing flat session close to the previous tops and they could drift lower after some more flat sessions. Volatility index is showing strong support at 5310-5320 levels and buying continue to emerge at those levels and this could be a crucial support zone for all buying positions. Turnover data was poor and retail participation is still lacking on any up move in nifty. The trading range can be 5310-5400 and use the upper range break out for exiting the longs instead of creating new .
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