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Buy Nifty on dip: Nirmal Bang

Posted on: January 23rd, 2009 and is filed under Brokerage Recommendations.

According to Nirmal Bang’s report, one can buy on dip with a stoploss of 2670 on the spot nifty. Nirmal Bang’s report: The trend still remains weak but what we have observed is that markets are holding the lower band area of 2670 for the time being. The outlook is gloomy as the bulls are unable to hold the momentum. We are caught in the narrow band of (2670-2870) and a strong move on the either side with huge volumes will set a new direction in coming days.

We are at a very crucial level from where a 10% rally on either side is likely. At this moment any positive event can boost the market sentiments. If spot nifty maintains above 2745-2760 then we could see huge amount of short covering happening and we could test 2830-2870 in coming days. We are in a classical downtrend and every rally should be used to cut positions. This downtrend can turn positive only if nifty maintains above 2920, until then we don’t see any development happening on the upper side. If we witness momentum banking will the sector to lead the rally.

Strategy: Buy on dip with a stoploss of 2670 on the spot nifty.

source: Moneycontrol

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