Today Nifty opened on a positive note but could not sustain above the resistance of 6562 and after making a high of 6574, it witnessed some profit booking. Nifty made a low of 6497 and finally ended at the level 6516 with a gain of 0.19%. The Advance Decline ratio was almost 4:3.
On Friday, Nifty has taken support near to 38.20% retrenchment level of its recent rally from the levels 6212 to 6562 and bounced back sharply. Yesterday Nifty broke its previous high of 6562 and made a high of 6574. It witnessed some profit booking yesterday but we feel that the overall trend is positive thus any correction is a good buying opportunity in nifty market today. On the downside, Nifty has immediate term support at the level 6425, however, the short term support level in nifty remains at 6200.
On Friday, Nifty has taken support near to 38.20% retrenchment level of its recent rally from the levels 6212 to 6562 and bounced back sharply. Yesterday Nifty broke its previous high of 6562 and made a high of 6574. It witnessed some profit booking yesterday but we feel that the overall trend is positive thus any correction is a good buying opportunity in nifty market today. On the downside, Nifty has immediate term support at the level 6425, however, the short term support level in nifty remains at 6200.
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| Nifty Chart |
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