In yesterdays post had mentioned about the view being positive which has remained every time we come to the band of 5100-5200. Also yet again the Bullish Tuesday did work out.
During the day Nifty did react after the initial surprise announcement of 50 bps to take the speculators stoplosses on both side the later half of the day was a slow and steady rise.
Now Nifty is coming to the crucial trendline resistance which is being tested the third time and a breakout above this is needed to take it to 5500-5650.
The consolidation has been on low volumes so a breakout can be confirmed with a higher volume and price breakout or we see a good close above the recent top of 5380.
As the trend is up expect the breakout to be upwards. Focus on stock specific ideas.
Couple of the stocks bought today and some more which were picked in our Quickgains Advisory Service are posted below.
REC – picked around 228-229 for btst.
Coal India bought around 350.
Will look to book the same tomorrow on a spike or keep trailing stoplosses.
Meanwhile Aurobindo did 130 today.
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