Hi all,
Technical Observation on Nifty -
After falling for 8 consecutive days, Nifty took support
near 5950-5970 levels and then bounced back sharply thereafter by giving a
swing bottom near 40 day Moving Average (Bullish sign). Going forward it looks
like the short term bias has changed to positive with strict reversal (SL)
below 5970-5950 levels and with resistances near 6190-6220-6290-6350….
6100-6070 should act as an immediate support for Nifty on
closing basis.
However the medium term bias will turn bullish only when
Nifty surpasses and sustains above 6360 (all time high levels)…..
Cheers
Hrishi
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