Nifty needs to hold above 9900 to move towards 9928-10000: Chandan Taparia

Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:

Outlook:

Nifty index opened positive but failed to cross its life-time high of 9,928 and witnessed a decline towards 9,863. It formed a bearish candle similar to a Bearish Belt Hold on the daily chart and almost nullified and engulfed the previous day’s bullish candle. It seems that bulls and bears both are fighting hard to make or break 9,900 zone to get a decisive move. Now it has to cross and hold above 9,900 zone to witness an up move towards 9,928 then 10,000 mark while