After having a good consolidation/ correction last week, Nifty is expected to start this week on a positive note. However, I still feel we are in a corrective phase and we should test 4100-4120 again before moving up. Hence no long positions advised as of now.
For Monday, above 4360-4370, Nifty may try to touch 4420-4450. Positional traders may go short at this level . Unless we consistently close and stay above 4400, we should head lower.
On the downside, Nifty has support at 4310-4315. Day traders can also go short if this level breaks.
Expect a volatile and rangebound session. Sell on rallies is the theme until we continuously close above 4400
Nifty resistance for today are: 4370-4405-4430-4450. Supprts are 4310-4280-4250-4190-4160
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