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MTECHTIPS:-NIFTY
Nifty gave a flat opening yesterday and the index traded in a very small range, as the markets lacked direction till late afternoon. But the index managed a very smart recovery in the final hours, on strong buying interest in banking and fertilizer stocks. The index closed positive above the 5700 levels.Nifty after 4days correction has closed higher, now Head & Shoulder formation is visible to negate Nifty now has to cross 5760 to make higher levels of 5850 & 5960, we have been mentioning October 11-16 being important days where high of market can be formed in short term. Today INFY results would come before market, which normally gives make/break for market where expectation is running very high .Nifty has to hold 5680 if the uptrend has to continue for 5760 & 5830 while below 5680 then we may again retest 5629 or below levels. Nifty has recovered from 5636 just before crucial 5629 levels but on any day if this level is breached then impact could be very drastic.
Nifty gave a flat opening yesterday and the index traded in a very small range, as the markets lacked direction till late afternoon. But the index managed a very smart recovery in the final hours, on strong buying interest in banking and fertilizer stocks. The index closed positive above the 5700 levels.Nifty after 4days correction has closed higher, now Head & Shoulder formation is visible to negate Nifty now has to cross 5760 to make higher levels of 5850 & 5960, we have been mentioning October 11-16 being important days where high of market can be formed in short term. Today INFY results would come before market, which normally gives make/break for market where expectation is running very high .Nifty has to hold 5680 if the uptrend has to continue for 5760 & 5830 while below 5680 then we may again retest 5629 or below levels. Nifty has recovered from 5636 just before crucial 5629 levels but on any day if this level is breached then impact could be very drastic.
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