On Wednesday, Nifty opened gap up as expected beofre some profit booking and negative European markets dragged it down to close near 2794. Nifty Futures discount also widened indicating some fresh shorts build up.
On Thursday, Nifty is expected to open flat to positive following global cues. 2795-2800 is the level to watch out for. If Nifty is able to sustain above this level, it will try to test 2820-2835-2860. Below 2790 it may fall towards 2750.
Traders should watch the first half hour to see if Nifty is able to sustain above 2800. If it does one can go long with a stop loss below 2800. On the short side, one should look to short near resistance level of 2835 and 2860. A close below 2800 today will be bearish for Nifty.
Nifty resistance at 2795-2820-2835-2860. Support at 2755-2730-2705.
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