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Sustained closing may take the Benchmark index towards 10,440 and 10,470. Further, stock specific recovery in the oversold ones might be the key feature," says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.Nifty ended yesterday 1.90 percent up at 10,421.40. It closed above the pivotal resistance of 10,400 with a big marubozu candle. The index ending the session above dual resistance zone of 10,340 to 10,400 led to a short-term structural change, which may result into further rise towards 10,440 and 10,470. 30-daily EMA is placed around 10,470 may now act as the next critical resistance.
Sharp pullback in the latter half of the session followed by closing marginally above the 100 daily EMA is encouraging for the aggressive bulls. Hence, follow through buying especially in the oversold stocks might be a dominant feature in market. On a similar note, intraday retracement towards 10,400 might again get bought in for higher resistances placed around 10,440 and 10,470.
On the Nifty hourly chart; successful closing above 10400, 100 hourly EMA, brightens the possibility of further rise towards 200 hourly EMA placed around 10,470. Also, downward trend line breakout around 10,400 is another strong evidence in support of our bullish argument.
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