Nifty spot opened gap up and never looked back for the whole session. 7500 was scaled and defended wonderfully well. We have been mentioning that “Nifty has very good support around 7482-7477 and expect a bounce from these levels”. After registering a day high of 7593.20 it closed out the day at 7580.20 which is above the crucial 7570. Going forward the band of 7570-7542-7526-7484-7464-7442-7394 is a good cluster of supports.
The weekly range for Nifty going ahead is 7405-7615. Now, 7612-7625-7656 is a good resistance zone and expect Nifty to move towards an all time high if 7642 is scaled and slept over in the ongoing week.
On an upside weekly range breakout above 7642, it faces the litmus test at 7663 and then come 7683.15, frontier 7700 and the daunting 7748.
On an upside weekly range breakout above 7642, it faces the litmus test at 7663 and then come 7683.15, frontier 7700 and the daunting 7748.
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