Hello,
As anticipated in yesterday's report, Nifty drifted down throughout the day to finally close just above 5460. Our weekly stop-loss level will get executed if market closes below 5450. With today being Derivative Expiry day, market could be volatile. India Vix had one of the strongest days yesterday soaring up by 11.4%.
Nifty is currently trading in a Ascending channel of smaller time frame which itself lies within the Ascending channel of the larger time frame. The lower trend line of the smaller channel currently sits at 5420. A break below that should provide us with a short term target of 5320.
Nifty shorts can be held with a stop above 5500. A break and close below 5420 too can be utilized to initiate fresh short positions in Nifty.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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