Nifty- Ideal area to look for buying is 10050-10020.
The index continues to remain locked in a tight range and the momentum is also sticking to its limits. With last two days of pattern we have a Dynamite Shadow combo on the charts and this normally precedes explosive action. With two back to back non-trending days it’s quite possible that we may have some juice for intraday trades as a Trend Day is lurking in the horizon. Readers are advised to employ our time tested Initial Half hour rule and trade in the direction of the breakout. If the indices open Gap Down and test the support area around 10050 and then the Initial half hour rule triggers a Buy, it will perfectly fit into our scheme of things. We are looking for a possible retest of 10553 and after having booked our long positions right on top we are waiting for the Dip around 10050-10020 value area.
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