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Nifty outlook and few trading ideas by Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal Securities:
Nifty Outlook:
Nifty index slipped below immediate support of 10,138-10,130 zones and corrected sharply towards 10,050 zones. However it witnessed strong recovery of 80 points from lower zones and finally closed the day with the loss of around 20 points. It formed a Hammer candle on the daily chart which has long lower shadow indicates that decline is being bought in the market. Index started to form lower highs from last two sessions and absence of follow up buying is restricting
Nifty Outlook:
Nifty index slipped below immediate support of 10,138-10,130 zones and corrected sharply towards 10,050 zones. However it witnessed strong recovery of 80 points from lower zones and finally closed the day with the loss of around 20 points. It formed a Hammer candle on the daily chart which has long lower shadow indicates that decline is being bought in the market. Index started to form lower highs from last two sessions and absence of follow up buying is restricting
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