September 12, 2016

Nifty Still Looks Positive Next Week Commencing 12 Sep 2016

Nifty opened gap down at 8934 on Friday but declined sharply and traded with negative bias for rest of the day. Nifty declined more than 90 points before closing 85 points down at 8866.

Friday, short term trading strategy was to book profit in longs taken in 8905-8888 range and expected a decline of 100-150 points after achieving 8975. Nifty declined by 100 points but without achieving minimum target 8975, but still the trade was giving minimum 55 points profit with 25 points stoploss. And medium/positional strategy was to buy Nifty on Dips in 8840-8805 range with stoploss of 8799 which is not triggered yet. Let’s have a fresh look at latest charts for further scenario.

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