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Bajaj Capital / 11:32 Aug 18,2017
On Thursday, Nifty has seen the flat opening and it has been consolidating throughout the day within 30-40 points range. It has faced resistance above 9940 and it finally closed at 9904 with 7 points positive. Technically, it has an immediate resistance above 9660 and the fresh uptrend may resume only above this.
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Till it trades below the 9660 it may witness for profit booking. In this case it may have the support at 9820-9740-9660. If it slips below 9660 then only the panic situation may emerge and the short term as well as medium terms trends are likely to be down on chart. On a positional basis till Nifty holds above the 9660 the positional trend would remain positive on chart. Traders need to cautious if it trades below the important levels 9820 as of now. In this case the biasness of traders is likely to be negative. Traders need to avoid carry long position overnight as fear of geopolitical tension. For the day, if it slips below 9880 then it may find the next support at 9850-9820. If it trades above the 9930 then it may move towards 9660-9690 marks.
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