Nifty Market Analysis – 10.01.2019

Nifty Market Analysis – 10.01.2019

“The market is a pendulum that swings between unsustainable optimism and unjustified pessimism.” – Jason Zweig

This quote makes complete sense to traders who participated in the last four trading sessions.

With the NIFTY 50 swinging wildly within a range of about 300 points it has settled at 12,215.40 on options expiry day, today. Many gaps (or windows) have been formed which are sure to look out for and calibrate zones of support and resistance accordingly, as gaps act as support and resistance zones. 

In light of this given below is an analysis of Hindustan Unilever Limited. The current market price is 1935.05 and a bullish divergence can be observed on RSI.

The 14 periods RSI has made higher highs and higher lows while the stock had made lower lows and lower highs. Interestingly, the stock is also hovering around its support zone.

One can accumulate this quality stock and add a gem to his portfolio. Stop-loss – 1900. Target – 2090

Happy Trading

Satyarth Grover

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