Nifty Trading Strategy for 30 August 2016

Nifty Outlook For 30 August 2016

As we have predicted that US Fed's Chair Janet Yellen's comment about possible rate hike in September wouldn't be market moving and end up as non event, as most asian markets have consolidated throughout the day, except Nikkei, which was up more than 2%, thanks to the BoJ's comments about more stimulus. ( 29th August, Monday ).

Read Our Previous Comments Here.

Nifty Trading For 30 August 2016

For Traders, We recommended buy on dips strategy yesterday, rather than going short, which worked almost perfectly as Nifty has bounced back from 8550 levels and closed above 8600, as last hour rally, led by heavyweight Reliance, helped to stay above 8600. We will continue to hold long positions in Nifty with a stop loss of 8550 with a target of 8680-8700 ( Spot levels ).

For new positions, we would recommend only at 8600 spot levels, would be a stop loss with a target of 8680-8700. If you don't get a chance to enter at 8600, you can make an entry below 8630 levels, don't buy Nifty above 8650, as the levels are not favourable for risk reward. 
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