Thursday 21 June 2018



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The Nifty ended Wednesday 0.58 percent higher at 10,772.05. It opened on a flat note before ending the session above its critical resistance of 10,750. The positive ending might be considered as a pullback from the oversold zone until and unless it breaks above 10,840 successively.

A sustained closing above 10,780 is necessary for the continuation of this pullback rally. The next critical resistances on the Nifty are placed around 10,810 and 10,840 levels.

On the Nifty hourly chart, it is still stuck in a down trending channel, which is necessary for a recovery towards 10,810 and 10,840 levels. A failure to breakout above 10,780 may again initiate a swift down move towards 10,700 levels.

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