The NIFTY opened the session on a positive note and traded with smart gains for the initial hours of the day’s trade. The NIFTY hit an intraday high of 5605 levels. But the NIFTY couldn’t sustain at higher levels as the session progressed and selling pressure at higher levels dragged the NIFTY to an intraday low of 5507 levels. The NIFTY lost close to 98 points from its day’s high. The index finally closed the session at the 5,516.75 levels with a loss of 33.60 points.
The NIFTY closed the last trading session of the week on a negative note. The key observation to be made is that after the formation of the bullish hammer candlestick pattern during the previous week, the NIFTY has managed to close above the lower boundary of the rising channel as shown in the adjoining (Chart II).
The correction witnessed over the past two trading session could halt and take support between the 5450—5500 levels. On the upside we expect the levels of 5575--5625 levels to act as stiff resistance.
However in case the NIFTY fails to take support at the 5450 levels and starts to trade below 5435 – 5415 levels, we would recommend a negative bias once again with possible targets of 5300 – 5250 levels.
We booked part profits on our long call given on L&T Ltd @ 1704 levels. (Initiated @1654 levels). The recommendation
has already fetched a smart gain of `6250/- per lot to the subscribers of our product Trading calls section. We continue to hold our long positions for targets of `1740levels.
We recommend subscribing to our product Trading Calls section to avail such profitable Equity Trading calls.
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