Nifty today broke the resistance of 10410 and close above.Immediate resistance is now placed at 10550 levels.
Eventhough the closing look positive and is on the verge of an upside rally it is not so.Because hourly moving averages as well as Bollinger bands doesn't hint a rally. As a result I feel chances are there for index to drop to 10370 and if that level holds then to drop to 10315 levels.
NB: I can be wrong also please do your own analysis for entering positions.
Eventhough the closing look positive and is on the verge of an upside rally it is not so.Because hourly moving averages as well as Bollinger bands doesn't hint a rally. As a result I feel chances are there for index to drop to 10370 and if that level holds then to drop to 10315 levels.
NB: I can be wrong also please do your own analysis for entering positions.
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