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Quote on Market By Mr Rahul Sharma, JM Financial Services.
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Below is quote on Market By Mr Rahul Sharma Head Technical and Derivatives Research, JM Financial Services.
"The higher high and higher low setup in Nifty almost got distorted as Nifty tested 16,400 on Friday but sector rotation ensured that Nifty bounced back to retest 16,700 today. However, RSI has still not improved for Nifty as compared to 18th August high and we may see supply coming again at resistance zone of 16,700 to 16,800. The good thing about yesterday’s move was improvement in market breadth which has helped Nifty record a close above 16,600 (a new ATH closing). The confirmation of correction will come if we break 16,400 decisively until then its best to stick to momentum counters for trading and investors are advised to take some profits off the table as we inch higher."
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