Nifty opened positive and jumped above 7550 mark, it started trading in a narrow range of 7565 to 7540, but in the last hour of trade it broke this range upside and made a high of 7640, finally it ended at 7624 with a gain of 1.30%. The Advance Decline ratio was almost 3:1.
Nifty tested 50% retracement level of its recent fall from 7808 to 7422 and closed above that. Now we may see further recovery and it can test 7661, which is 61.80% retracement level. On the downside, the trend will turn negative only if Nifty closes below 7440, thus one can hold long positions and keep stop loss of 7440 on closing basis.
Nifty tested 50% retracement level of its recent fall from 7808 to 7422 and closed above that. Now we may see further recovery and it can test 7661, which is 61.80% retracement level. On the downside, the trend will turn negative only if Nifty closes below 7440, thus one can hold long positions and keep stop loss of 7440 on closing basis.
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