As I have mentioned earlier, the trend continues to be bullish. But if the level 3170 is violated in the downside in coming trading sessions, then it could bottom out around 3130 region. Once it bottoms out, the next move would push the Index towards 3300 region in the upside in few trading sessions. Hold on to your long positions with 3120 as stop-loss.
Note: -
If the level that I have given as stop-loss is hit, it doesn’t mean that the trend has changed. We are closing the position below the stop-loss only because to take some time to watch the market and to redraw our technical outlook and strategy.
D Sathia Moorthy
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