Trade setup for Thursday 13, February 2020

All you need to know as a trader or Investor

Nifty Rallied for third consecutive session on Wednesday. Below are the few points to be noticed.

Retail inflation hits a near 6-year high of 7.59%

LPG price hiked by Rs 144.5 per cylinder

Global market is positive. Wall Street closed at record highs on Wednesday.

Sensex rose 350 points to close at 41,566, while Nifty climbed 93 points to 12,201

Nifty on Wednesday zipped past the 12,200 level. The index formed a small bullish candle on the daily chart, which to an extent negated Tuesday’s indecisive Doji candle.

SGX nifty closed marginal low by 4 points on 12 February which shows flat opening for nifty.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 48.81 crore, and domestic institutional investors (DIIs) purchased shares of worth Rs 339.19 crore in the Indian equity market on February 12. which lead to fresh buying.

What to Look for:

If nifty goes below 12,180 we may see nifty to go further down and profit booking gets started and if nifty goes above 12,232 nifty may continue rally. Look both the level closely as today is expiry day and so high volatility is expected.

Nifty may show some correction from here however all bulls are aggressive and we see some fresh buying so any dip is opportunity of making long position. But book profit whenever or wherever get chance.

Open your account for Free.