Nifty future near term support at 5630 level, Buy on Dips

Nifty future corrected from 5825 level and have been correcting for last 3 days. But still chart suggests, the trend is bullish and so we will still be on the long side of trade. Recent development has lead the risk-on rally in the global market, I believe this will be strengthening further as this is only a temporary pullback in an uptrend, which should be treated as an opportunity to buy into nifty future. I am more highly bullish on capital goods sector and other stocks like, ZEEL, MCDOWELL-N, etc.

Trading idea on Nifty Future: Buy nifty future only around 5630 level for a positional target as 5830, stop loss will be 5590 level. Risk reward ratio is greater than 1:2 here so, risk is less as compared to reward. Article published on 10-10-12.

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About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.

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