Tuesday 23 January 2018



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Failure to cross 11,100 can trigger profit booking dragging the Index lower to levels of 10,500-10,250. The Bank Nifty is also showing strength making new highs which can take the headline Index Nifty to 11,100 to 11,400 levels.The Nifty index gained further momentum extending its 3rd impulse wave to make new all-time highs. Further, following this sharp up-move it is approaching its upper end of the rising channel resistance placed in the zone of 11,000-11,100.

Moreover, 161.8% extension of the wave 1 (i.e. 6833-8994) is placed at 11,400. Partial profit booking is advised as the Index approaches 11,400.


Further, the relative strength index (RSI) continues to form higher highs in line with price making higher highs affirming the strong bullishness dominant at the moment.

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