As given in weekly views, "we may have some profit booking coming up if Nifty does not cross and close above 4640-4650...............................Given the momentum that we are in, a close below 4360 seems unlikely as of now and going long on dips is the only logical thing to do as the market can stage a quick turnaround".
Nifty stages a quick turnaround from 4370-4380 area after seeing profit booking on Monday. We are in a strong momentum market and going against the tide can be very costly. One should refrain from carrying over any short positions for now.
On Thursday, Nifty is expected to open on a flat to negative note. Watchout for 4605-4610 levels intraday. One can go long on dips with stops around this area for a target of 4715-4750. Below 4610, one can go short INTRADAY for quick gains.
Nifty resistance at 4670-4720-4770. Supports at 4615-4585-4515
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