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The Indian equity markets staged a strong pullback in the past three trading sessions with the Nifty not only surpassing but also closing above its long-term, 200-DEMA of 10,700. This is now going to act as a strong support area for the index going forward.
However, it is advisable to remain optimistically cautious at the current juncture as the Nifty, after an over 500 points rally, formed a Doji pattern on the daily charts on Thursday followed by another inside bar on Friday, indicating that momentum, to some extent, is fading away.
Only a break above 10,900-levels in Futures would trigger a fresh rally, which will then open the gates for 11,100 on the upside.
Bank Nifty too has formed back-to-back Doji patterns on the daily chart, indicating that uncertainty is on the cards. For any kind of fresh upside, Bank Nifty has to surpass the rising channel resistance zone of 27,100-levels. On the downside, 26,400 is an important support.
Meanwhile, the realty index showed strong momentum in the last week and finally broke out of a Cup and Handle pattern on the daily charts. The index has also surpassed its 50-DEMA. It is likely that realty stocks may see demand going forward.
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