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Nifty's immediate support level shifts to 14,200; undercurrent remains strong

Monday will be crucial to decide the trend as Nifty stays prone to profit-taking and some consolidation at higher levels. We recommend avoiding shorts as the underlying sentiment is extremely buoyant. However, momentum on the upside should be chased in a highly selective manner and while staying moderate on the overall exposure.


Nifty (14347) the trend is still intact up to 14467 as long as 13950 holds’ the Nifty unfolded strongly as expected and has closed in the green…technically our target of 11467 is still valid as long as 13950 holds…


Nifty Bank (32084) we would maintain that 32162 is a stiff resistance to deal and time-wise and or price-wise correction is not ruled out…the Nifty Bank opened with a gap and traded down to close in the green…technically 32420-500 is the logical target as long as 31950 holds…

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