Nifity Index Goes Positively Trade Due To Globle Clues

Nifty index opened positive on back of favourable cues from global bounses and made a new life time high of 12132 mark in the initial hour of the session. However it remained highly volatile in latter part of the day as it traded in wider range in between 12006 to 12130 levels. Index formed a Small Bearish Candle on daily scale as it closed below its opening levels; but the overall trend is still positive and thus we continue our buy on dips strategy. BankNifty index relatively outperformed the benchmark index. The pair looks likely to trade in a range between 71.50- The stock is moving in an uptrend by maintaining higher highs - higher lows on both weekly and daily chart. The momentum oscillator RSI is placed positively along with Golden Crossover of 50 EMA and 200 EMA on daily chart.

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