Nifty future written higher level longs to be handled with caution as we are moving in uncharted territory. Just check we have seen two fake outs, two days on a rwo, yesterday above 5600 and today above yesterday’s high. Both sharp rise and similarly sharp fall.
Nifty future’s projected high and low for next session is 5639 and 5581 (use this projection with other indicators). Immediate resistance band has been created at 5613-5624 and crossover above both may show further momentum till 5645-5650. Strong support still exists at last 52 week high of 5543 from where we still expect intraday bounce, but any desicive break below 5543 will once again retest 5520-5510 on the downside. The game is somewhat clear for scalpers now, sell on sharp rally, but on sharp sudden dips.
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