November 26, 2017

Nifty can Bounce Above 10490 without Breaking Below 10269

Nifty opened higher at 10358 and bounced further to register day’s high 10378 but declined sharply by more than 60 points to register day’s low 10307. Nifty bounced again from lower levels and closed 6 points up at 10348.

Yesterday, one more bounce towards 10490-10590 was expected in coming days and 10297-10263 was estimated breakeven/support range on downside. I suggested initiating positional longs if Nifty decline around 10297-10263 using exact stoploss of 10257 (some points below 10263) expecting targets 10490-10590 in comings days/weeks.

Nifty declined till 10307 and bounced back to close at 10348. Let’s have a fresh look at latest charts for further scenario.


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