Nifty started higher and throughout the session price hovered within a
narrow range of 30 points. On the higher end it failed to move above 8005
whereas on the lower end it managed to sustain above 7970. In the daily
chart price moved back above the 50 DMA and closed above it at the end of
the session. Bullish crossover in the daily Stochastic and RSI are expected to
add to the positive momentum in the index. On the lower end 50 DMA
(pegged around 7930) is expected to supports; below which price may drift
down towards 7880/7820. On the other hand resistances are placed at 8050;
above which Nifty may move towards 8110/8170.
narrow range of 30 points. On the higher end it failed to move above 8005
whereas on the lower end it managed to sustain above 7970. In the daily
chart price moved back above the 50 DMA and closed above it at the end of
the session. Bullish crossover in the daily Stochastic and RSI are expected to
add to the positive momentum in the index. On the lower end 50 DMA
(pegged around 7930) is expected to supports; below which price may drift
down towards 7880/7820. On the other hand resistances are placed at 8050;
above which Nifty may move towards 8110/8170.
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