Nifty View: The benchmark Nifty
index gains 122 points in today’s trading session to inch back towards the upper border of the recent range within which the index is stuck for over five weeks. The underlying short term trend is set for a reversal on the upside now - this is not surprising as such frequent trend reversals are very common in range-bound markets. A re-test of the short term resistance zone
of (15,900-15,930) is now very likely considering the participation we noticed which came in from the banking and financial stocks. Any short term intra-day dip tomorrow should find support at around (15,760-15,800) and as long as this support holds we can expect further upsides. Stay cautiously bullish
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