D-Street Talk podcast | We are in a â€˜no-tradeâ€™ zone in Nifty! Gold could rally by over $1,935
The Nifty50, which managed to close the above 10,700 levels for the week ended July 10, could face selling pressure near 10,800-10,900 levels that have acted as critical resistance levels in the past.
The Nifty50 is more likely to trade in a range and to initiate an active breakout or a breakdown is required till then we are in a no-trade zone, Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments, said in a podcast ‘D-Street Talk’ with Moneycontrol.
“The markets continued their range-bound movements on Friday. Nothing has changed in the last four trading sessions. We have closed within the range of 10,650-10,850. Both these levels continue to remain important and crucial this week as well,” he said.
Hathiramani further added that the index is in a “no-trade zone” because if the volume activity has remained soft and unable to break either side of the 200-point range.
On the downside, a break in the levels 10,650 could see a 100-150 point fall in the Nifty, and on the higher side, if the level of 10,850 is taken out, then another 100-150 point-rally is possible, he said.
Commenting on gold, Hathiramani said the yellow metal could rise towards $ 1,935/ounce in the next six months of 2020. Based on technical parameters, traders could place a stop loss of $ 1,450/ounce. Till then, buy- on-dips strategy will work.
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