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Nifty

Nifty ends the April series on an optimistic note with a gain of almost 5%. A decisive break above the 17900level onthefinalday conclude the market optimism. Nifty is holding itself well above its 5 DEMA level of 17800 with both its trendstrengthindicators again trending higher complementing the ongoing bullish momentum to continue towards 18130.Theweekly‘Bearish Engulfing’ formation has also been negated with its weekly RSI trending above 55 is a healthy signof strengthwhichcould continue further until the base at 17580 holds. Traders should continue to add momentumlongs withastopbelow17740 & review once index trends above 18140.

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