Nifty Trading Strategy

Overall Market

NIFTY:

After slightly more than one month of continuous falling from a high of 5930, for the first time market showed a strong closing from a demand zone of 5328-5348, which coincided with the expiry of May contracts in F&O.

The medium term is down and the immediate term down trend is halted by the strong demand zone. Significantly all the major index heavy stocks have bounced from their demand zones at the same time.

Today’s closing of 5412 indicates a very strong reversal which closed above yesterday’s and prior days close.

The next demand zone will be between 5177-5231

The immediate target for Nifty is 5490 and then  5567.

For tomorrow’s trading: Trade long above 5420 up to 5500. Next trading range will be 5590.

Happy Trading
Neeraj Gogoi