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Watch Nifty
Ø Nifty corrected by more than 1%. It has pierced through the support levels of 4240-50, bringing in its wake the question - has the correction process started. So far as 5930 is not violated on a closing basis, the uptrend is still intact. Nifty has support around 6130, 6085 and finally 5930. It is more likely to reverse up from 6130 or at the outer most 6085. Of course, the resistance level continues to be the all time high of 6350-60.
Ø Nifty's support for 12/11 is 6130 ( +/- 10 pts.). Nifty cut our support level of 6240-50 in 11/11 trades to give more than 50-60 points on the downside.
Ø It makes sense to wait for a signal from Nifty before making additional investments.
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