Wednesday, 31 August 2016

Nifty Future Preopen 31082016

Yesterday it kept on moving in one direction and in that process broke out a month long narrow range. Now next hurdle for Nifty spot is around 8840-45.  Since it has broken out after a consolidation it should reach the target without much trouble.  Here is the chart of NS.

For today there is an expectation of range-bound moves and buying at Range Low might be the right way to trade today. Nifty spot may pull back to 8700-8725 to test the BO level and may form a Range Low around that area.  Today being the last trading day of the month, it is possible that it may close around highest point of the day.  Will continue to assess as the prices trade throughout the day and may post an update if time permits today .


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