As stated in our post today NIFTY went into correction mode and reached close to value zone. As the Daily charts have good bullish strength one can trade long on upticks. But the depth of weakness also shows strength. In case of further weakness and tomorrow being a weekly closing. A lower close on NIFTY will initiate the much awaited short trade on daily charts.
Since the value zone has enlarged to 5205-5285 range, NIFTY has the possibility of playing within. Tomorrow's close is crucial to decide the trend. Long trade is the option for tomorrow as the chart readings go for today. NIFTY has to settle down and give a pullback, only then initiate longs.
Almost all the Sectors and Industry groups registered negative close today. FINANCIALS lead the rally down followed by BASIC MATERIALS. TECHNOLOGY was the only Index to have closed positive today.
Track list of our open calls.
BHARTI: Has closed weak with a strong bullishness holding yet.
NFL: Has turned weak, stop intact.
ADORWELD: Has closed positive.
ABGSHIP: Closed weak, while trade is safe above entry levels.
RALLIS: Closed strong and is close to target.
SUNDRAM FASTENERS: Has closed positive.
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