Buy on intraday corrections and sell on rallies
Learn the strategy of buying on intraday corrections and selling on rallies—a powerful trading approach to maximize profits in volatile markets through short-term price movements.
Buy on intraday corrections and sell on rallies
Mumbai, June 26
On the June series Monthly F&O expiry day, the benchmark indices witnessed a stellar rally. The Sensex was up by 1,000 points.
Among sectors, Metal, Oil, and Gas indices outperformed, with Metal gaining 2.13 per cent and Oil and Gas 1.92 per cent, whereas Reality and Media Indices shed over 1 per cent.
Technically, after a strong open, the market successfully cleared the 83,000 resistance mark, and post-breakout, positive momentum intensified. On daily charts, it has formed a long bullish candle, which supports further uptrend from the current levels.
“We believe that the intraday market texture is bullish, but due to temporary overbought conditions, we could see range-bound activity in the near future,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
For day traders, buying on intraday corrections and selling on rallies would be the ideal strategy. On the downside, 83,300 and 83,000 would act as key support zones, while 84,300 and 84,500 would be the key resistance levels for the bulls. However, if the market dips below 83,000, traders may prefer to exit their long positions.
EoM.
