Oversold levels may allow for further bounce towards 11500-11540

"Market witnessed huge volatility and big swings before it partially limited its losses; Nifty slumped to a low of 11393, but recovered to end at 11477 in its sixth day of corrective action, Nifty lost another 43 points but smart recovery from the low support areas indicate end of first leg. It was rightly assumed in yesterday's report that index will bounce back from lower support levels. While three consecutive black candle formation points towards continued weakness, oversold levels may allow for further bounce towards 11500-11540. On the lower side, 11430-11400 would continue to act as support levels." - Mr Abhinav Gupta, President, Capital Markets, Share India Securities Ltd.

Market Strategies - Top Trades

NIFTY - 11477
Buy Nifty 11500 CE at 138 range sl blw 115 tgt 175-185

BANKNIFTY - 27376
Buy Bank Nifty 12Sep at 152 s/l blw 120 tgt 200-220

Source : Equity Bulls

Keywords