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MTECHTIPS:-NIFTY
Nifty gave a flat opening on Thursday and a sharp upside was seen in the afternoon session. The markets witnessed heavy short covering and closed with strong gains.Nifty has started a counter rally and today is 4880 is held then 4970 & 5040 is possible on higher side with Nifty closing @ 7trading days high. Nifty is trading between 200WMA 4821 and 200DMA 5073 and till 4750 on lower side is not breached then 5100 or 5200
on higher side is possible before a fresh sell-off. Government steep hike in petrol price has given optimism that more reforms would be announced. Banking along with Oil & Gas stocks helped rally. Nifty has made irregular bottom low on 18th is 4788 and low on 23th is 4803 which is a higher bottom which can lead the rally till 5150 to 5200 if 4850 holds in Nifty.
Nifty gave a flat opening on Thursday and a sharp upside was seen in the afternoon session. The markets witnessed heavy short covering and closed with strong gains.Nifty has started a counter rally and today is 4880 is held then 4970 & 5040 is possible on higher side with Nifty closing @ 7trading days high. Nifty is trading between 200WMA 4821 and 200DMA 5073 and till 4750 on lower side is not breached then 5100 or 5200
on higher side is possible before a fresh sell-off. Government steep hike in petrol price has given optimism that more reforms would be announced. Banking along with Oil & Gas stocks helped rally. Nifty has made irregular bottom low on 18th is 4788 and low on 23th is 4803 which is a higher bottom which can lead the rally till 5150 to 5200 if 4850 holds in Nifty.
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