Market continued to move higher on Wednesday. The closed the day’s trade with 46444 points while nifty regained 13600 levels. After the wild swings seen by the Nifty, it has created a Bullish Harami kind of pattern on the daily chart, indicating a likely continuation of the bullish sentiment.
It is too early to confirm a trend. 13250-13150 is a good support for the Nifty and we are trading well above that this morning. Until that level is not threatened we continue to remain in bullish territory. If that level breaks, we could slide down to 13000. On the upside, we need to get past the hurdles of 13650 -13,800 to start forming an opinion to go long again. Hence, a wait and watch approach would be a prudent way to deal with the current markets.
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Resistance: 13650, 13750,
13850
Support: 13350,
13250, 13150
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