Thursday, 12 April 2018

Nifty Likely To Breakout Above 10,430; Bata India A Good Buy For Short Term

Posted by suhani varma on Thursday, April 12, 2018 with No comments



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The Nifty yesterday ended 0.14 percent up at 10,417.15. For the second consecutive session the index continued facing resistance around 10,420 as discussed several times in our previous posts, day’s high was 10,428.15.

Range bound movement in the price band of 10,430 to 10,350 suggests, 38.2percent Fibonacci retracement level of the entire correction from Nifty all time high to its recent low around 9,950 levels has disrupted ongoing up-trend. Needless to say, next leg of up-move is likely only when Nifty starts moving above 10,430 decisively.

Higher resistance is placed around 10,470. Further, Traders and investors may find attractive buying opportunities in terms of risk-reward ratio if the benchmark Index comes down to 10,320.

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