Finally we have seen some strength coming at expiry day as Nifty managed to hold 5200 as well as 5250 and A/D chart got support at double bottom as expected and said yesterday.
So clearly broader market is holding its bullish position and it will be interesting to see the breakout from the falling wedge.
On Index front Fiis were net sellers yesterday. Fiis sold 4 lacs of Nifty and open interest increased by 2 lacs.
Clearly on charts of Nifty Futures too volumes were lack luster as they are yet to get confirmation from Fiis side. Now on the upside 5270-5280 are the levels to watch as RSI will be in the overbought position at these levels after a long time and price action at these levels are crucial to watch. Any weakness will give bears to short. So just watch out.
ESCORTS
Just a chart to trade with interesting formation. Escorts is one of my favorite stock as it gives nice swings, so far it's moving in ascending triangle formation and can give breakout as it's almost at its apex. Would love to trade this stock for 10-12 Rs target on both side with no hiccups.
Hope you liked it.
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