Wednesday 19 November 2008

Buy Nifty on dips: Nirmal Bang

According to Nirmal Bang's Morning Call, for intraday traders, buying is advisable on dips with a stop loss of (2580) and on the higher side 2745 will act as a strong resistance level.

Nirmal Bang's Morning Call:

Technically, if we study the five day pattern, nifty is forming “lower top lower bottom formation” which is indeed a negative sign. As the markets are continuously breaking their important support levels on the daily basis, it has become difficult to identify the support.

We are in a classical downtrend and our sense is that (2580-2500) region should act as a crucial support for nifty in Nov series. Every rally should be utilized to create new short and exit market.

For intraday traders, buying is advisable on dips with a stop loss of (2580) and on the higher side 2745 will act as a strong resistance level. A trade beyond this range with huge volumes may decide the trend for coming days.

Source: Moneycontrol

Posted by Harsh at 08:59

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.