It was an inside day for Spot Nifty, wherein, neither did Nifty breach prev days high of 5113, nor it managed to break its prev days low of 5052. However, Nifty Nov fut. breached the prev days low of 5068 to make a day low of 5050.
For intraday, one can go short below 5070, for a tgt of 5050-5010. Trading with a negative bias seems like a more comfortable idea for tomorrow. However, the intraday momentum indicators alongwith price action will confirm the direction of trade.
On weekly basis, Nifty is still looking strong. On the downside, Nifty should not correct lower than 4950 levels to remain bullish on weekly charts.
Stock wise, I believe that for the coming trading sessions, bharat forgings should show a good upside. The 3 and 13 EMA have given a positive intersection in the body of its candle, with a surge in volumes. The daily momentum indicators RSI, Stochastics have given postive divergence. MacdH will start trading in positive zone in coming trading sessions as well. Likely target should be 310. On weekly charts as well, Bharat Forg. is showing strength.
I rest my views here... Happy Investing !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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