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Published on 2/06/2020 9:33:28 AM | Source: Tradebulls

The rally has been consistent so far as the index is yet to witnessed any signs of exhaustion - Tradebulls

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Nifty

Breakout above 9160 lead to a firm rally towards the expected range near 9980. The rally has been consistent so far as the index is yet to witnessed any signs of exhaustion / consolidation. RSI has breached above its previous swing high of 59 as it registered a close above 63. Options data for the week indicates hurdle around 10000 while immediate support rests at 9700 with a OI PCR at 1.53 which is indicating cautiousness. Hence expect the index to maintain its bullish mode while the next leg of momentum would be unlocked above 9980. On the flipside a breach below 9680 would only fizzle out the ongoing bullish mode & push the index into a consolidation mode. Short term traders should maintain their longs with a Stop below 9680 & review them once above 998


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