It was the day of April series expiry today and we witnessed an extremely volatile session. But in the morning, things were looking pretty good as Nifty opened flat and then put up a healthy gain towards noon and an intraday high just shy of 11800 was registered but finally the index forfeited all the rise to register day’s low at 11624 before finally closing at 11641,down 0.72% or 84 points in net from Wednesday’s close.
Is the trend still bullish? Yes, without doubt. Intermediate uptrend will reverse only upon violation of 11550 & unless that happens the prevailing uptrend is assumed to continue. AS far as sectoral performance is considered, all indices closed in the red except for Realty. Metal & Banks were the largest among losers.
Reliance made a new life high above 1412 today before sellers gripped firmly but we continue to reiterate our long term bullish opinion in this scrip. We also note Indigo (Interglobe Avaiation), CMP 1483, very likely to have resumed its primary uptrend. One can keep stop loss at 1435 in this stock and initiate a position for target 1600.
