CNX NIFTY expected to bounce back. Rally beyond 8160 might gain bulls confidence.
Our Trading Strategies
Today, we recommend that our traders create long positions only above 8160 with targets of 8200. AUTO stocks are attractive for Bulls.
Today our market is naturally expected to bounce back due to short covering. Meanwhile positive Asian Markets will also support the market. A rally above 8160 will bring back the confidence of traders and we recommend traders to create long positions only above 8160.
What happen yesterday?
Yesterday the Indian Markets slid down due to an OIL meltdown and Nifty closed at 8127 points, an overall reduction of 3%. FIIs have reduced their long open positions in Index Derivative Segments, and not added much to the short positions. AUTO sector opened weak, but as the day progressed they outperformed the market. The fundamental weakness in oil is likely to have a factorable impact on AUTO stocks.