Hi All,
Hi all, as expected Nifty
rallied higher buy another 0.5% after crossing 7450 levels till almost 7485
levels. The next pit stop is near 7500-7520.
As per derivatives data, 7500
Call option has the highest open interest, somewhat suggesting that this level
is critical for bulls and that’s the reason we booked out our long position a
bit early being on the safer side.
After 7500 levels, if sustained,
Nifty can however move up towards next targets near 7610-7645-7685-7730....
A weekly close above 7600 levels
will mean a lot for bulls for midterm perspective.
Nifty has rallied sharply this
week and the size of the daily candles started to shrink, which surely suggest
a likely breather from Nifty and the same will prove to be healthier for Nifty’s
further upmove. (coz as we know what goes up comes down, so a break is surely required for healthier upside ahead)
Cheers.
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