Nifty (spot) strong above 5545
Nifty (spot) weak below 5530
Nifty (spot) Support 5485/5450
Nifty (spot) Resistance 5575/5615
Nifty had established its bearish target of 5510 during its sharp rise to 5740 in last few days and the same target of 5510 has been achieved. Now it is in support zone and it is extremely oversold with positive divergences which can initiate technical recovery to 5610-5625 in near future. Still bearish targets 5474 and 5440 are still remained unachieved…and it may decline to these. Nifty will turn extremely bullish once it manages to cross 5650/5675 for 2 consecutive days and may set higher targets too……
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