Markets looking Strong Today

Indian Stock Market looking strongStock markets witnessed a strong pullback in the last 30 minutes of trade. Technical Analyst Anil Manghnani feels that the markets may remain strong today. The NSE Nifty recovered very smartly and took support from a strong level of 5387.

The technical charts indicate that the market has recovered from the losses very fast and today the relief rally may continue. At least, the markets will gain today in intraday session, the closing for the day may decide the market movement for next week.

Traders are advised to be cautious. Refrain from short-selling. It may be a good time to pick up some midcap stocks which have lost quite substantially in last few trading sessions.

Also, the today’s rally may offer an exit point for traders who have been trapped at higher levels. There may be more chances to cover the stocks at lower levels next week.