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Published on 2/06/2020 11:03:53 AM | Source: Swastika Investmart Ltd

We can expect a further rally towards 21500-22000 zone - Swastika Investmart

Posted in Market Outlook| #Market Outlook #Swastika Investmart Ltd

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Technical Outlook:

Nifty (Spot):

Nifty is facing resistance at a critical level of 10000 after a stellar upmove because 10000 is a psychological level as well as 50% retracement of the entire fall from 12430 to 7511. If Nifty manages to cross this level then we can expect a further rally in the market towards 10350/10600 levels while if Nifty fails to cross this level then there is a risk of sell-off from here where 9600-9500 will be immediate support zone and 9200 will be a major support.

 

Banknifty (Spot):

Banknifty also has a strong hurdle at 20300 level and if it manages to cross this level then we can expect a further rally towards 21500-22000 zone while if it fails to sustain here then there is a risk of sell-off towards 18700 level where 19400-19200 will be immediate support zone.

 

 

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