As it was expected that below 5258 nifty can move upto 5200, nifty moved according to the expectation and formed low at 5202. There was clearly visible +ve diversion and it was highly oversold and nifty rallied 63 points from there and closed above 5260.
Today, nifty may continue its upward momentum for one to two hour more and get resisted near 5320+/-10. In this case we can take short nifty below 5330 with SL of 5365 as it can attract selling. Target for this trade should be 5260 or below.
Staying above 5330 (hourly closing) can give another 65-70 points where positional short can be taken below 5400 with SL above 5400 (day closing).
Today, nifty may continue its upward momentum for one to two hour more and get resisted near 5320+/-10. In this case we can take short nifty below 5330 with SL of 5365 as it can attract selling. Target for this trade should be 5260 or below.
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