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Below is the Technical Views On Daily Markets Note By Mr. Nagaraj Shetti – Technical & Derivative Analyst, HDFC securities
After showing a weakness in the last couple of sessions, the Nifty witnessed a decent upside bounce today and closed the day higher. A small body of positive candle was formed today with gap up opening (body gap, not a western gap). Today's upside gap remains partially filled.
The previous opening upside gap of 9th Jan (at 12045 levels) seems to have offered support for the market today. Today's candle pattern doesn't indicate strong upside bounce. However, follow-through upmove could extend this pre-budget upside till the week end.
The short term trend of Nifty is positive, the next upside levels to be watched at 11250.
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