Day trading guide for Monday
SECTIONS
Last Updated: Mar 07, 2021, 06:43 PM IST
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Synopsis
After a volatile weak, the market is now stuck in a broader trading range, writes Chandan Taparia of MOFSL.
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Chandan Taparia, MOFSL:
The Nifty 50 index made a gap-down opening on account of weak global cues, as bulls seemed to have lost strength, and dragged towards the 14,850 levels on Friday. After a volatile weak, the market is now facing a pause in momentum, and has got stuck in a broader trading range. It concluded the day with a loss of around 140 points. It formed a small bearish candle on the daily scale with long shadows on either side, indicating a tussle between the bulls and the bears in the market. It continues its formation of lower highs and lower lows witnessed in the last two sessions. Now, it has to cross and hold above the 15,000 zone to witness an upmove towards 15,150 and 15,250. On the downside, immediate support exists at 14,800, and then 14,600.