Nifty opened gap up and broke through 8200/8300 levels amid high volumes and +ve breadth. Important points for today.
1. Nifty up by 1.9% with 1.9 breadth.
2. 284th day since the lows of 5118, 176th day since the lows of 5933.
Nifty closed above previous highs and above 8300 level. Today was 3rd gap of Nifty from 7723(unfilled). Todays range was 132 points and Weekly/Monthly range ended at 345/607 points. After May this was highest range for the month. Around 8400 is the trendline resistance of Nifty but given the momentum, expect only running correction during the day. Daily charts are firmly bullish , so any dip/weakness during intraday is a buying opportunity in coming days. 8150-8200 are strong support of Nifty in downside and SL for longs.
1. Nifty up by 1.9% with 1.9 breadth.
2. 284th day since the lows of 5118, 176th day since the lows of 5933.
Nifty closed above previous highs and above 8300 level. Today was 3rd gap of Nifty from 7723(unfilled). Todays range was 132 points and Weekly/Monthly range ended at 345/607 points. After May this was highest range for the month. Around 8400 is the trendline resistance of Nifty but given the momentum, expect only running correction during the day. Daily charts are firmly bullish , so any dip/weakness during intraday is a buying opportunity in coming days. 8150-8200 are strong support of Nifty in downside and SL for longs.
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