NIFTY had rampant moves today, it had a range of 100 points, but gave back most of the gains at close. Widening range and non directional moves indicates that this indecision is likely to continue for some more sessions. NIFTY faced stiff resistance at 5330 levels, though managed to pierce it, there was no follow up buying power to move it further up.
Complete absence of buyers made the NIFTY crash in the last 30 minutes. This shows in the lower volumes recorded today when compared to previous day. NIFTY will hold on to 5150-5330 range in the coming days. Once all the weaker hands in the market get out after many whipsaw trades, there is a likely breakout to give the next direction for NIFTY.
None of the Industry groups which have bullish strength were weak today. Only if there is weakness here, we would get opportunities to trade long. We have given a separate list of stocks which have high probabilities of strong bullish strength in a different thread 'Strong Industries & Stocks'.
Have a close watch on all those stocks. Of them the recommended stocks for today, NFL, SIEMENS & ULTRATECH got filled. There were no big gains in these new long trades, hold with stops. ADORWELD which is in open position for quite some days now is safe above entry, but far away from target. Hold on to stops.
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