Way2wealth's Daily Technical Bites
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On Thursday, our benchmark indices opened on flat note on the back of mixed cues across the Asian bourses. The index traded within a narrow range during the initial hours of trade but hold the 8500 level. Just prior to mid-session, bulls started roaring and eventually drive the Nifty higher above 8550. In the process, Nifty ended the session at the highest point in last 10 months. The index concluded the session well inside the positive territory and added another 0.53 percent into bull’s kitty. Looking at the daily chart, we are seeing a Higher Highs Higher Lows formation which indicates strong trending market. We have pointed out earlier in our previous report to avoid shorting this market which played well in yesterday’s session. Looking at the current optimism, we expect Nifty to rally and test 8621.55 / 8654.75 which coincided with the swing highs on daily chart. Thus, traders are advised to use any corrective move to initiate long position. On the lower side, 8500 / 8475 zone will be a strong support zone for coming trading session. Traders are advised to focus on stock specific trades which will be prudent strategy in terms of reward to risk ratio.
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