After a decline, appearance of Hammer pattern indicates a trend reversal

Market Strategies for Friday, September 14, 2018 from Share India Securities Ltd.

"Sharp reversal In INR led equities to stage a smart recovery from oversold levels. After hitting a low of 11250, Nifty clawed back to end at 11369, gaining 82 points. The bounce back helped form a Hammer candle. After a decline, appearance of Hammer pattern indicates a trend reversal. The sharp fall in INR was really hurting the sentiments, but it seems that the vertical fall has been arrested for the time being and is likely to stabilize around 71.50-72.50 range Stability in INR has a positive effect on equities as well. Following over 500 point drop in just eight days, the markets are expected to reverse further. Above 11400, Nifty can move towards 11480 levels. On the lower side, 11350 is likely to act as immediate support." - Mr Abhinav Gupta, President, Capital Markets, Share India Securities Ltd

Market Strategies

NIFTY – 11369
Buy Nifty 11400 CE at 120 range sl blw 105q tgt 140-150
BANKNIFTY - 26819
Buy Bank Nifty abv 26850 S/l blw 26600 tgtq 27100-27200

TRADE WIZARD

Ashok Ley1 fut - Buy
Asian Paint1 Fut - Buy
L&T1 Fut - Buy

Source : Equity Bulls

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