Support 5275-5255-5222-5210
Nifty had a decent rally of 1% in line with strong global cues. Nifty faced some pressure @ 5300 mark & closed around those levels only. Today, Nifty may open with marginal gap up/flat in line with Global market. Nifty has now stiff resistance @ 5320-5350 zone. If sustains above this, Nifty may start rally towards higher target zone of 5500 levels. If Nifty faces selling pressure from these zone, then we may see 5200-5170 sub levels again, before fresh rally. Nifty is also witnessing a inverted H&S in making (chart below).
Intraday below 5255, Nifty may see some profit booking to set in towards 5222-5200 zone. Long traders are advised to keep strict SL & wait for fresh breakout to initiate fresh longs.
Trade with levels.
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