Thursday, 26 April 2018

Buy Nifty On Dips Today, Tech Mahindra For The Short-Term

Posted by suhani varma on Thursday, April 26, 2018 with No comments


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The Nifty ended Wednesday 0.41 percent lower at 10,570.55. For the third consecutive session, it continued to oscillate below 10,640 levels. Ending the session with a bearish body candle stands invalid as long as it remains stuck in the price band of 10,640 to 10,530. Hence, buying on dips around 10,530 and 10,480 can again be seen. On the flipside, 10,640 on the upside still remains the critical hurdle before a rise towards 10,670 levels.

On the Nifty hourly chart, negative divergence in the Relative Strength Index (RSI) is still intact, which may continue to building selling pressure on a rise around 10,640 levels. Downside supports for the index are placed around 10,530 and 10,480 levels.


Nifty patterns on multiple timeframes shows that it continues to oscillate below 10,640 levels. Rangebound movement with a positive bias may not be that encouraging for the bulls. Hence, cautious trading is advised. However, sector and stock specific volatility is going to be the dominant feature ahead of today’s April series futures and options (F&O) expiry.

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