Nifty is consolidating in the range of 15650-15900 and global cues - Swastika Investmart
Technical Outlook:
Nifty (Spot):
Nifty is consolidating in the range of 15650-15900 and global cues are a little negative but derivative data is suggesting that if Nifty manages to hold 15800 in the first 15-30 minutes then we can expect a rally towards 15900 level and a move above 15900 can lead a short-covering rally towards 16000/16200 levels in coming days while if Nifty fails to sustain above 15800 level then we can expect weakness in the market towards 15650 level.
Banknifty (Spot):
Banknifty is outperforming and manages to close above 35500 level where 35800 level is a critical hurdle and if it manages to cross 35800 level then we can expect a short-covering rally towards 36500 level. 35500 will act as immediate support now; only a move below this can lead to any weakness.
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