Wednesday 2 May 2018

Trade Set-Up For Wednesday Top 15 Things To Know Before Opening Bell

Posted by suhani varma on Wednesday, May 02, 2018 with No comments


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The Nifty rallied 6.2 percent in April after falling 8 percent in February and March which resulted in a strong bull candle on Monday's daily candlestick chart. Formation of a strong bullish candle suggests that momentum is strong and there is a higher possibility now for the index to hit levels closer to 10,900, experts suggest.

The index has been forming higher highs and higher lows on the daily chart for the last three trading sessions which indicates that the supports are gradually shifting higher.

However, owing to relentless strength displayed by the bulls in the last five weeks a pause or minor correction can’t be ruled out going forward. Experts advise traders to keep a stop below 10,600 for all long positions.


The Nifty which opened at 10,705.75 on Monday slipped marginally to hit an intraday low of 10,704.60. It hit an intraday high of 10,759 before closing 47 points higher at 10,739.35.

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