NIFTY has given a close at 7897.25. We had a huge gap
up today, with a close of 1 % gain. This indicates a rally from the oversold
zone. Even though it was weak and we were expecting further down move of
another 100 / 150 points, NIFTY bounced back. A long position
can be initiated
for the higher targets near / above all time high of 8200. A closing basis and
very small Stop Loss of 7850 will be working good for the time being. So basically
we are caged between the range of 7850 and 7950. We can expect a very good fire
work on the upper side, once it crosses and sustains above 7950. Close below
7850 will tell us to exit the long positions in NIFTY. Keep these levels in mind
and trade safely.
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