MINDTREE STRANGLE STRATEGY BOOK PROFIT
Fast-moving consumer goods
(ITC) & concerns about global economic slowdown changed the direction of
market on Wednesday. The Sensex came
down 336 points to settle at 36108 while Nifty ended below 10850 level at
10831, down 91 points. Investors are wary of a mixed government, as reforms
would be tougher to go through, and it could also lead to a loosening of
monetary policy.
We can expect the volatility
in the stock market to increase as we inch closer to the interim budget.
The interim Budget 2019 is scheduled to be presented by the
government on February 1, 2019. Nifty has been struggling to surpass the 10990
level for the last nine weeks. The index’s structure, suggest that it still has
potential to stretch towards 11,000-11050 range to complete its last leg of the
Ending Diagonal pattern. But such a move is unlikely to be a smooth
one. The recent swing high of 10985 is seen as key resistance while 10825 -10,800
would offer ample support.
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Resistance: 11000, 11050
Support: 10825, 10750
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