The tussle between the bulls and the bears continues!
Nifty after opening up almost 70 points, quickly gave up all of the gains and made a low at 11144.5, only to recover and close at 11247.1 exactly where it opened.
Nifty has traced out a Bullish Long Legged Doji near extremely crucial trendline support.
The India Vix has also cooled off which bodes well for the bulls!
Nifty is at a crucial juncture, waiting for the capitulation. If the bullish trend were to continue, Nifty has to make a large bullish candle above 11350 possibly tomorrow itself. if it does, we’re looking at 11450-11550.
Any break below 11111 will be negative and we’re looking at the levels of 10850 or so.
I’d say that the odds are improving in favor of the bulls with this last candle.
Tomorrow, the SC will again hear the AGR case but the verdict is likely to be far in my opinion.
But opinions hardly matter and the markets will do what they want to do!
We have to act according to the trading plan. Period.
Here’s the list of most oversold stocks according to my Swing Trading Model for tomorrow’s trade. You can either enter at the open or on an intraday correction of 2-3%.
Out of yesterday’s watchlist, Eicher motors shot up almost 5% while Granules was flat. I have three open positions in APLL, AURO PHARMA & ICICIGI. Let’s see how they fare over the next few days.
Have great trading day!