Hi all,
By closing positive by more than a
percentage point, Nifty finally gave a relief to bulls. For the entire day it
traded in green territory almost after 6 days.
As per the earlier posts, Nifty reacted
sharply after breaching 7700 levels and came way lower near 7350 levels as
expected.
Interestingly on hourly charts, Nifty and
Bank Nifty have shown a divergence, i.e. though Nifty broke its yesterday
morning lows in the closing time, Bank Nifty held on to the same. This might be
very interesting as these index divergences suggest a lot at few times.
However, after a steep fall like what we
witnessed in this month, it would be premature to call a hourly inter market divergence
as a reversal, though traders should keep the same in mind.
Going forward, Nifty will have strong
resistance near 7470-7500 levels, whereas on the lower side 7390-7360-7330 will
be good supports.
Cheers....
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