Traders are advised to hold longs with strict stoploss of 17770 - HDFC Securities
Daily Technical View on Nifty
* For last three trading sessions, Nifty has been finding resistance at 18100 odd levels ? Nifty ended the session at the crucial upward sloping trend linesupport on the hourly charts
* On hourly charts, indicators and oscillators have turned bearish
* BankNifty registered new all time high above 41829 and faced profit booking afterthat
* On the daily charts of Nifty, oscillators have formed negative divergence
* However, unless Nifty breaks support, confirmation of bearish trend reversal will not come.
* For uptrend to resume, Nifty has to surpass 18100 resistance.
* Below 17770, short term trend of Nifty would turn bearish
* Traders are advised to hold longs with strict stoploss of 17770.
* Above 18100, Traders should cut short positions inNifty
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