Daily Chart
Half Hourly Chart
The Nifty once again bounced back after breaking below the 200dema making a slightly higher high at 5634 and closing above it. The break below the red neckline shown on half hourly charts too has also been broken twice unsuccessfully. However the bullishness of the outside day was not taken advantage of and today's candle formed a lower high lower low showing not enough conviction from the bulls.
A range between 5624-5747 has been formed and a break from this range will give a move of 123 points.
Resistance at 5747-5780-5874 and Support at 5708-5686-5624.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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