Wednesday, 16 November 2016

Nifty may bounce towards 8220-8300: Angel Broking

For the coming session, 8080 - 8000 are seen as immediate support levels whereas on the other hand, a possibility of a bounce towards 8220 - 8300 cannot be ruled out, says a report by Angel Broking. 

Yesterday, the Nifty index opened lower and then continued with its negative momentum throughout the session to end the day with a loss of 2.26 percent. Although the index has corrected sharply yesterday, the index is currently trading in the vicinity of the support level seen around 8130. As we had highlighted yesterday, the volatility is expectedto remain higher and hence, traders are advised to remain light on positions.

We still believe that it's difficult for the index to sneak below the 8000 mark as multiple technical evidences converge around it and hence, is likely to act as a strong support in the near term.

For the coming session, 8080 - 8000 are seen as immediate support levels whereas on the other hand, a possibility of a bounce towards 8220 - 8300 cannot be ruled out. It's advisable to avoid creating fresh shorts at current level, in fact, one can take a contradictory buy call by placing a strict stop loss below the 8000 mark.

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