Nifty opened in the negative on Thursday and immediately found support near 2550 levels, not breaking it for the entire day. Nifty closed the day at an important level of 2620 which was also a resistance level.
Now on Monday, nifty is expected to trade with low volumes due to holidays in the Indian markets. It faces immediate resistance at 2650-2660 levels. One can go short near these levels keeping a stop loss of 2680. On the downside, support exists at 2560-2570 levels and one can go long near these levels. This should be the maximum range for the day and any breakout/ breakdown from these levels cannot be decisive, hence no positional trades should be taken. Any upmove can now only be seen if Nifty closes above 2700. On the downside, below 2600, next support exists at 2550 and then 2500.
Nifty resistance at 2645-2660-2700. Support at 2615-2600-2575-2535
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