Hi All,
As mentioned in Wednesday’s
update, Nifty took resistance near 7840-7880 levels (Wednesday’s high 7846) and
fell sharply by almost 2%.
However, its good to see Nifty
recovered the losses smartly yesterday and now again trading near the
resistances, however by now Nifty has created a higher bottom formation and if
closes above 7823-7830 it will also create a higher top formation as well.
Sustaining above the said levels Nifty can travel further, but 7880-7900 levels
are still going to be crucial any fresh longs, on a conservative side can be
initiated above 7880-7900 levels preferably.
On the lower side,
7710-7670-7600-7540 will act as good supports going forward.
Cheers....
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