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Remain Cautious:Nifty showing clear signs of broad-ranged consolidation.

Friday’s session was important from a technical perspective as the index confirmed the level of 14,653 as an intermediate top for the immediate near-term.


Monday's session is likely to have a soft start to the day. The levels of 14,470 and 14,535 will act as resistance points, while support will come in at 14,380 and 14,300 levels.


Going ahead, the market is likely to turn all the more stock-specific in nature. It has been stock-specific anyways over the past couple of days but will turn more selective now. We recommend finding fresh short opportunities with strict stop losses in place as the market is showing distinct signs of a broad-ranged consolidation. Fresh longs, if any, should be kept strictly limited to defensive stocks and with the ones whose relative strength has been positive. A highly cautious view is advised...


Nifty (14434) upside to 15000-15471 is a possibility as long as 14400 holds’ the Nifty traded opened flat and traded down to close in the red but above our supports…technically looks like some sideways action not ruled out as the Nifty is stretched…strong support exists around 14200 and stiff resistance is at 14600…


Nifty Bank (32247) ‘technically upside to 33000 is a possibility as long as 32000 holds’ the Nifty Bank opened flat and traded to close in the red but above our supports…technically looks like some sideways action not ruled out and support exists at 31500 and resistance exists at 32500…

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