Nifty Recap for November 7 - Manoj Bhagra

A quick analysis of today’s action, Nifty was weak from the morning trade itself, courtesy the weak global cues. The late afternoon surge by bulls was met by severe resistance and now we are sitting on 38.2% retracement of the recent rally. We have a good support at 2750, from where another push can be expected by the bulls. It won’t be a bad idea to go long if you see 2725/50 holding; small position, small stop for a target of 2950/3000 for starters! Anything below 2600 can mean attempting to retest the bottom…but we will come to it later, like I said step by step!

One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These are two most expensive eighths in the world... Larry Livingston.