After an initial correction, Nifty surged in the late hours above 3360 on Thursday to close above 200 DMA near 3430.
Now on Friday, Nifty is expected to open flat following global cues. Positional traders who took longs above 3360 should now trail with a stoploss of 3370 closing. For less adventurous, stoploss for longs should be placed at 3396. Shorting this market is not advised at this stage. One should initiate positional shorts only if we close below 3290 on any day. Intraday traders should initiate shorts only below 3360. Otherwise look for buying opportunities on any dips or whenever Nifty crosses a resistance point.
Nifty Resistance at 3485-3520-3550. Support at 3420-3365-3290
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