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Contents
n Technical Comments
At the lower boundary of the bullish channel
Finally, some profit booking activity has stepped in after a mini bull run, which dragged Nifty down by 70 odd points. Realty, metal, and technology companies' shares topped the list of losers. Nifty has been seen facing some selling pressure in the range of 6200-6225. Also, at 6225 it gave a double top sell signal. However, unless 5963 is intact, such double tops should only be treated as a minor correction in an ongoing uptrend. Currently, Nifty is standing at the support of its 50-HSMA and also at the support of its bullish channel (yellow one), which provides us a good risk-reward ratio to add fresh long positions.
BSE Realty
BSE Realty index has formed a Bearish Engulfing candlestick pattern on daily chart, due to which we may see the index correcting upto 3825 and below that upto 3767 in the near future. However unless 3694 is intact the trend remains bullish and every dip should be used for adding fresh long positions.
BSE Oil & Gas
BSE Oil & Gas index has also formed a Bearish Engulfing candlestick pattern on daily chart, due to which we may see the index correcting upto 10660 and below that upto 10600 in the near future. However unless 10446 is intact the trend remains bullish and every dip should be used for adding fresh long positions.
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