NIFTY SPOT LOOKS BULLISH: BULLISH PIERCING IN DAILY
The NSE Nifty spot closed at 5319 up by 0.60%, after sudden buying pressure or can say short covering. After all nifty spot closed above the daily 34 day exponential moving average, which is a positive factor for long position holder. Nifty spot actually faced 61.8% retracement level as resistance @ 5286, as indicated in previous report. In previous report, we have recommended buy in deep strategy for intraday traders, whereas for low risk taker are advised to be long after the break out of 5286 level. These were good trades. Now, Nifty will move towards till 5400 level with strong buying pressure with the supports of 5311/5286 in the next trading session. If traders are stay invested in nifty future, they are advised to make hold position. A good positive technical pattern was seen in nifty spot i.e. bullish piercing. By this pattern, nifty can touch till the level of 5400 and perform better. In the lower indicators, MACD (12.26.9) is still showing bearish signal, whereas stochastic (5.3.3)is trying to break out from the bottom level @ 21.23, which is more or less positive factors for bullish trend.
Happy Trading !!
Megha Investments & Research Team
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