NIFTY has closed at 8031.90. As stated earlier in our previous post, 7880 is a real strong support; it did come down to touch the support. NIFTY made a low of 7897 and bounced back furiously. Still it did not sustained and traded successfully for even half an hour in either side ( Neither broke 7880 and traded, nor traded sustainably above our level of 8050 ) so we are considering it as range bound. We are just waiting for
at least half an hour sustained trading above / below levels mentioned. ( 7880 on the down side and 8050 on the upper side ) a strong and sustained movement above / below the levels mentioned, is an indicator to initiate the position with a strict Stop Loss of intraday high or low it has made. Please keep these things in mind and trade safely.
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