Wednesday 8 August 2018

See Nifty At 11,800 Levels These 2 Largecaps 1 Midcap May Offer 5-15%

Posted by suhani varma on Wednesday, August 08, 2018 with No comments


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The Nifty has been stalling in the last two trading sessions following last week’s sharp upmove. It is also approaching the upper end of the channel placed at 11,500-11,530 levels.

A sustained trade above 11,530 can extend the current upmove to 11,800-11,200 levels. However, a trade below 11,270 can halt the current uptrend, dragging it lower to 11,170-11,050 levels.

On the daily chart, the relative strength index (RSI) has formed a lower high, while price has made a new high. This confirms that the uptrend is losing momentum and can lead to minor correction/consolidation before it resumes the uptrend.

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