NIFTY
has given a close at 7538.60. Exactly as we have explained yesterday, NIFTY
gave a decent bounce. The intensity of the bounce is still unknown but it might
go further up as we have already said about a bounce with a lower top
formation. There will be a stiff resistance between
7590 and 7620. Closing above
this level can make this rally to go a bit higher another 100 odd points, but
we see a remote chance of that. Failing to trade higher and close above this
level will definitely make NIFTY weaker and it might start its journey to
downward. Unless it trades and closes on a new high, the strategy will be “sell
on rise”. A closing basis Stop Loss can be placed at 7800.
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