Day Trad­ing Guide

The Economic Times - - Smart -

Fol­low­ing three ses­sions of con­sol­i­da­tion, Nifty ex­hib­ited a strong rally and closed at a new cy­cle high above 7950. How­ever it faces strong re­sis­tance at the 7980-8000 clus­ter from the 50% Fibo re­trace­ment mark and the De­ce­mebr-2015 swing tops which should lead to hes­i­ta­tion. Un­less 8000 is taken out on force and sus­tains higher there is a pos­si­bil­ity of Nifty en­ter­ing a cor­rec­tive phase once again in the short-term. On the flip­side, sur­pass­ing the psy­cho­log­i­cal mile­stone of 8000 can led to rally stretch­ing up to 8240.

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