Daily Trading Plan: 27/10/2020.

Bulls are losing steam!

Nifty has failed to decisively cross above 12000 for the last two weeks which invites for a correction.

Nifty almost erased entire gains of the last week to settle at 11767.75 or 1.36%

Nifty is likely to take support between 11661-11580 from where we will see a meaningful bounce towards 12000 again.

A decisive trend will only emerge if the markets break out the broader range of 11600-12000.

As long as we are above 11600, the line of least resistance remains up!

Nifty Bank has also shed 1.65% to settle at 24075.45.

Further pullback upto its 200 DMA will set up nice buying opportunity for Nifty Bank. Major support remains in the range of 23000-23300.

The outlook remains cautiously bullish!

Here’s the list of most oversold stocks based on my Swing Trading Strategy.

I already have an open position in Coforge(2388.65) and Apollo Hosp(2063.05). Coforge further tanked 7% today and is down around 7.4% from my cost while Apollo is marginally down. Both are part of my Dual Momentum Model Portfolio.

Let’s see how they perform over the next few days.

Have a great day ahead!

***Please don’t consider this to be investment advice and it’s only for education and information purposes.

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