Nifty opened on a positive note and started trading in a range of 7670 to 7640. In the last half an hour of trade, it broke this range upside and made a high of 7694, finally it ended at 7683 with a gain of 1.07%. The Advance Decline ratio was almost 2:1.
Nifty witnessed some short covering and closed near to 7700 mark. But we feel 7720 is a strong resistance of immediate term thus one should take long position only if it closes above 7720. However the short term resistance is still placed at 7840. On the downside, if it broken 7582, which is 61.80% retracement level then it can test 7500 mark.
Nifty witnessed some short covering and closed near to 7700 mark. But we feel 7720 is a strong resistance of immediate term thus one should take long position only if it closes above 7720. However the short term resistance is still placed at 7840. On the downside, if it broken 7582, which is 61.80% retracement level then it can test 7500 mark.
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