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From the day’s low of 17,043, the Nifty recovered more than 200 points and ended Tuesday's session with Bullish “Hammer” candlestick pattern. It found support on upward sloping trend-line, which adjoins the previous swing lows on the daily charts. Resistances for Nifty are seen at 17,419 and 17,507, which happens to be 50 per cent and 61.8 per cent retracements of the recent downswing seen from 17,795 to 17,043. Medium term trend of Nifty would turn bearish once the support of 17,000 breaches.
Buy National Aluminum (119) | Target: Rs 128 | Stop-loss: Rs 114
The stock has broken out from
