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New day new high!!! The higher high and higher low setup in Nifty almost got distorted as Nifty tested 16400 on Friday but sector rotation ensured that Nifty bounced back to retest 16700 today on 25 August 2021. However, RSI has still not improved for Nifty as compared to 18th August high and we may see supply coming again at resistance zone of 16750 to 16850. The Nifty hit a fresh record high, but failed to close above the 16700 mark due to profit booking at higher levels. Technically, post the strong pullback rally, the index has formed a double top kind of reversal formation near the 16700 resistance level, which is broadly negative for the market.
The good thing about yesterday’s move was improvement
in market breadth which has helped Nifty record a close above 16630. The confirmation of correction will come if we break 16450 decisively
until then its best to stick to momentum counters for trading and investors are
advised to take some profits off the table as we inch higher. However, the
larger texture of the market is still bullish, but for day traders the 16725
level would act as a major hurdle. Above the same, the uptrend could continue
up to 16755-16995 levels. On the flip side, a strong possibility of quick
intraday correction up to 16575-16525 levels is not ruled out if the Nifty
succeeds to trade below 16600.
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Resistance: 16675, 16725, 16775
Support: 16600, 16575, 16525
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