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Today Nifty took support from bottom line of the channel running since February 2016. Likely to test the bottom at 10240 again in this week. If the channel is not broken then the index will stay within the channel till December. December onwards, the performance will be driven by the political scenario - state elections and then the union elections.
Nifty is inching towards 2 year resistance line, whose value today is 11160. The bull run since Gujarat elections (December) has also broken out of its channel and is likely to take support from earlier resistance. These two cross at 11245. Reaching the resistance is expected to take anywhere between 1 and 14 days, giving a return opportunity of 0.9 - 1.6% over ...