NewsPatrollig.com - “Today, our markets opened on a positive note as we saw DOW JONES futures soaring by more than 200 points after the Republican tax-reform bill passed through the US senate over the weekend. Subsequently, index started correcting and went on to sneak below the 10100 mark in the initial hour. However, Nifty saw some respite around the recent swing low of 10094 and somehow managed to close with negligible gains.
It was a day of consolidation around the 10100 mark after two days of sharp correction. Recent low coincided with the daily ’89 EMA’ and hence, the falling momentum got restricted owing to positive development on the global front. However, we are of the opinion that this pause would be temporary in nature and we continue to expect emergence of selling if Nifty manages to bounce in the vicinity of 10200 – 10270. We continue to adopt a ‘Sell on rise’ strategy and would avoid making any kind of bottom fishing. For the coming session, 10094 – 10074 would be seen as immediate support; but it’s a matter of time now, the index is likely slide below it soon. Traders are advised to stay light on positions and follow strict stop losses for existing positions.”
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