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| NIFTY |
Nifty is heading up in a channel ever since it touched 4588. After a strong up move of 90 points a profit booking session was eminent. The short term trend remains bullish and no trend reversal signal generated yet. So our target of 5040-5060 is still on the cards.
On the upside it has strong resistance near 5060. While support is place at 4920 and 4880.
Trend will resume to bearish below 4880. So Bulls may hold on to longs with sl of 4880 & Bears just wait for breach of 4880.
While current upside looks limited till 5060 there is significant downside risk below 4880.
So if Nifty breaks below 4880 it will head to 4780-4690-4590-4425-4300.
Tomorrow there is 10 year Spanish Bond auction which could turn out to be a key driver for further Market Action.
So just wait and watch. And always follow the trend.
Happy Minting,
Thanks & Regards,
Harsh Dixit
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