Nifty started the day on a negative note but took support at 7551 and bounced back sharply. It made a high of 7650, but it could not sustain on higher levels and closed at 7585 with a loss of 0.50%. The Advance Decline ratio was almost 1:4.
Yesterday, Nifty has taken support at an important trendline, so after two days correction we may see a bounce back. For short term Nifty has major support in the range of 7480 to 7440. Long positions can be held with stop-loss of 7440. However, on the upside now 7800 – 7810 will play as an important resistance. Thus one should take fresh longs only above 7810.
Yesterday, Nifty has taken support at an important trendline, so after two days correction we may see a bounce back. For short term Nifty has major support in the range of 7480 to 7440. Long positions can be held with stop-loss of 7440. However, on the upside now 7800 – 7810 will play as an important resistance. Thus one should take fresh longs only above 7810.
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