Sunday, November 1, 2015

Bank Nifty, Nifty and Mercator Lines

Bank Nifty:



Bank Nifty is trading near support of hourly trend line. If sustains 17000 levels then it can again retest high otherwise a serious correction is waiting.

Nifty:


    Nifty is also trading close to support zones. 7980-8020 being support zones on hourly. Breaking this zone Nifty can retest previous lows again.


Last week we warned traders to be cautious as Nifty was forming a bearish wedge and Dollar was ready to give breakout. Dollar did close well above 65.25 levels. It will be interesting to see how it pans out in future.


Mercator Lines:


  This stock has been making multiple tops in 24.5-25.5 range in last three months. Moreover, the range is compressing and it seems some big move can be seen in this counter. Keep eye on this.


Note: Above Charts are shared for education purpose only and these are not some BUY/SELL tips. Do your own research before investing.


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