In our last weekly report we had mentioned that NIFTY was likely to trade in a trading range of 7528 - 7223, for the entire week. Accordingly NIFTY traded in a weekly trading range of 7424 on the downside and 7547 on the upside and finally closing the week @ 7510.
In the current week NIFTY has support @ 7423 - 7380 - 7223 and resistance @ 7598 - 7707 - 7800.
In the current week, while the undercurrent of the market is expected to be strong, NIFTY can correct for 1-2 days upto 7423 - 7380, with a stop loss @ 7257 on a closing basis. If the SL of 7257 is held, NIFTY can once again rally to levels of 7707 - 7800. If the SL @ 7257 is broken NIFTY can fall down to 7223 - 7053.
Buy on 2 day decline to 7423 - 7380, with a SL @ 7257 and target of 7707.
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