DIXON TECH: RALLY MAY EXTEND. 05.03.23
Good close for the week, ideally, should ignite some positive trends for this week. Tuesday is a holiday so there will either be profit taking at higher levels today, or, if the system has shorts, then there would be a squeeze into the close and a gapped up distribution game on Wednesday. FinNifty expiry would be on Monday so pvt banks could be expected to be in play today. Check for positive trends in there for a clue to trends during the day.
The Trend Range for the day is 17760-585 and 41650-41200. The zone is naturally wide as we saw some substantial moves on Friday and hence chances are that we may remain within the range today. So, possibility of short strangle exists. But watch for trendiness higher that would argue against a short SG.
Have suggested two stock future trades in separate posts (AB Cap and Dixon). Check those out.
ISMT (cmp 75) can be a short term momentum play. Use stop at 68 if bought.