 "We advise remaining on the long side as long as Nifty is respecting its rising trend line")
BUY NIFTY IN THE RANGE 9,240-9,260 | TARGET: 9,450 | STOP LOSS: 9,100
Nifty is making a higher top and higher bottom formation on the daily chart and is also taking the support of its rising trend line. The momentum indicator RSI is also moving higher and is, currently, at 51 levels which hints of some positive momentum to continue. The volatility India (VIX) has fallen below 40 levels, which is giving comforts to the bulls. Based on the above rationale, we advise remaining on the long side as long as Nifty is respecting its rising trend line.
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