Nifty ended on flat to negative note at 6034.75 with a small spinning top candle. It closed at lowest point of the day just above its mid Bollinger band which has been appearing as crucial support several times since 5800 level. Index breadth was also indecisive last day, so choppy trend is expected to continue and upside looks to be limited. But at the same time as its uptrend is well intact so short position is not advised. In our last post we discussed about metal stocks and a few of them really did well, we believe appreciation in Indian Rupee would bring some reverse momentum back into these stocks (few of them are still below their respective 200DEMA) though trend reversal is yet to happen. In this context we would specifically mention Bhusan Steel, JSW Steel and Sesa Goa to keep a close eye for coming sessions.
Analysis:
Bank nifty ended at lowest point of the day on slight bearish note. As we discussed about our positive stand on Bank Nifty in our last post it same happened, but failed to hold gain till session end. Chart pattern suggests it has been stuck in a trading band of 12500-12900 since last several sessions so clients are advised to trade with positive bias in banking space.
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