Nifty (spot) strong above 5490
Nifty (Spot) weak below 5470
Nifty (spot) support 5450/5420
Nifty (spot) resistance 5520/5555
Nifty has given a bearish breakout having support at 5495 which is already violated. Another close below 5495 may wipe off 150-200 points of Nifty in near future. But at the same time after declining about more than 250 points in last few days, Nifty has entered extremely oversold zones with so many positive divergences and hence may result in technical recovery towards 5580 in next couple of sessions.
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To be used on 1st August
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