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MTECHTIPS:-NIFTY
Nifty gave a positive opening on Friday and witnessed a volatile session and the index sustained at lower levels. The markets gained further in the final hours on Monday to close with gains.Nifty has held on to the 4940-4960 levels and has closed at 4985, its highest close in 14 trading sessions, suggesting that buying interest is being revived .Nifty has made higher highs and higher lows which probably signals the change in short term trend. Today nifty has to sustain levels of 4960 levels on downside, if that happens then 5040 & 5100 would be possible on the higher side as a possible short covering rally may also keep the markets higher. Nifty failing to hold 4965 then chances of selling pressure can be high after 3 days of rally, where 4900 & 4840 would become important support levels.
Nifty gave a positive opening on Friday and witnessed a volatile session and the index sustained at lower levels. The markets gained further in the final hours on Monday to close with gains.Nifty has held on to the 4940-4960 levels and has closed at 4985, its highest close in 14 trading sessions, suggesting that buying interest is being revived .Nifty has made higher highs and higher lows which probably signals the change in short term trend. Today nifty has to sustain levels of 4960 levels on downside, if that happens then 5040 & 5100 would be possible on the higher side as a possible short covering rally may also keep the markets higher. Nifty failing to hold 4965 then chances of selling pressure can be high after 3 days of rally, where 4900 & 4840 would become important support levels.
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