Hello,
Overnight the US markets made a strong move upwards which generally should get reflected in our markets as well. Unfortunately with the kind of range we are stuck in, it seems that we require a even greater propelling force to force us out of the range we are getting accustomed to.
Outside of Nifty, action seems to be limited to few stocks and yesterday it was the Banking stocks that caught the lime light. Bank Index (BankNifty) is now on the verge of a breakout into the all time high territory and being a heavy weight in Nifty can provide support for a breakout by Nifty too.
For today, it advisable to hold existing longs with a stop below 5395. Fresh Longs are better initiated on breakout of 5500 since its very difficult to trade in ranges as small as this without getting whipsawed.
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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