Monday, 12 December 2016

Nifty has resistance at 8350-8400

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On a daily scale Index had managed to close above its 200 day SMA (8196) indicating pullback to remain intact. The breach above the gap augurs well for up move to remain firm. Follow-up buying above 8280 could see momentum accelerating. Traders can add longs with trading stop loss below 8150 for a move towards 8350 -8400. Nifty has resistance at 8350 and 8400 while the Index has support at 8150 and 8200.

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