NIFTY OUTLOOK - TECHNICAL ANALYSIS
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Huge fund flows and liquidity is required for maintaining upward momentum above 3800, though undertone looks bullish. If Nifty consolidtes here and huge hedge positions in puts build around 3800, the target near 3900 might be achieved.
Utmost caution should be maintained, since NIFTY has to correct considerably in order to maintain healthy momentum. Yesterday's fall was just a blip. Nothing significant has happened.
3711.05 is likely in the short to medium term.
3491.2 and 3408 is likely to be tested on the lower side. But it might not happen in the immediate future.
Immediate support lies at 3760.55.
Today's upper band lies at 3856.50. Today's lower band lies at 3547.40.
Support Levels:
3712.60
3671.86
3597.93
3477.46
3371.13
3325.2167
Note: These views do not have any relevance to NIFTY futures.
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