Nifty continues its oscillation within the strangled trading range of 8720-8530 & a decisive breach outside the said range could unfold the directional bias. Until then expect volatility to have an upper hand as the range gets contracted.
BUY GAIL: The stock is moving after taking multiple supports and surpassed the immediate falling supply trend line. It gave the highest daily close of last seven trading sessions and witnessed a pause in the recent down fall.
BUY CUMMINS INDIA: The stock is rising higher from last thirteen weeks and has turned from the lower levels. It is moving after the consolidation of last eleven trading sessions. It looks attractive in terms of risk reward ratio.
Stop-long positions at 8,590, Stop-short positions at 8,720. Big moves could go till 8,770, 8,630. A long 8,700c (20), long 8,600p (20) would work if the index moves outside 8,740, 8,560 within the next two sessions.
Nifty remains strangled within the tight trading range of 8720-8530 & a decisive breach outside the said range could unfold the directional bias. Until then expect volatility to have an upper hand as the range gets contracted.
Market further consolidated in narrow range for 5th consecutive week. It’s consolidating in narrow range of 8500-8700 levels on nifty. One can expect to break it soon & eventually expect strong directional trend with momentum in the market.
BUY M&M FINANCIAL: The stock has taken support around Rs 325 zones and is moving after taking support around its 50 DMA. It is showing the potential to surpass its immediate hurdle of Rs 345-346 levels and head towards higher levels.
BUY ICICIBANK: The stock crossed and closed above its 50 DMA and surpassed its hurdle of Rs 248.50 zones. It has been witnessing buying from last three trading sessions after taking support at its 200 DMA.
Market consolidated in narrow range for the entire week. It managed to find support near lower end of range & closed at higher end of range at the end of trading session. It’s trading in narrow range of 8470-8730 during week.