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Nifty

Immediate requisite for unlocking the directional momentum play is a sustained closing above 15040 which remains a key breakout zone on its weekly scale. While on the daily scale the immediate range seems contracted to 14800-14500 for the week. Technically a close above 14810 would result into a sharp short covering move while a move below 14500 from hereon may result into deterioration of ongoing upmove . Hence on a broader scale, a decisive break above 15040 would confirm the move towards the Channel pattern target towards 15400 followed by 15700 in the months to come. Strategy remains intact as the odds remain in favour of the investors, its ideal to retain the buy on declines strategy for investors & positional traders.

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