Nifty CMP 9900 (+103.95 point), Indian benchmark recoups losses after taking cues from the global peers.Nifty open up gap at 9859.50 and positively holding the gains. In previous trading session financial market all around the globe slips by more than a percent on North Korea missile launch. Indian benchmark nifty down by 116.75 points.
On charts nifty forms a symmetrical triangle pattern and continue to trade sideways. Nifty have trading range of 9780-9930 for the day and an either side breakout in fashion will give further direction sooner or later in the coming time. A decisive breakout above the level of 9930 and hold it for some 15-20 minutes may retest the next resistance level of 9960-9985-10012 in the coming time. On the contrary Nifty below the lower trading range of 9780 may retest the level of 9740-9700-9660 in the downside side.
Almost all financial markets are trading in green, But North Korea tension is still prevailing. So for now, a cautious move is a much better strategy rather than going aggressively on the market.
On sector analysis, Nifty Metal is top gainer with +2.28 % trading at 3465.30.