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Watch Nifty
Ø There is clearly panic in the market with many sectoral indices taking a beating along with Nifty. It clearly takes a strong will to buy in the current scenario. Nifty is crucially poised. A close below 5700 will drag it down in the near term to say, 5550 levels. As we have been saying, the medium to long term view is still bullish and the present correction is an opportunity. Though 5700 close is important, risk averse Nifty positional traders can exit if Nifty trades below 5700 and re-enter around 5550 levels. Bank Nifty has violated its support of 11350 even on a closing basis. However, we would also wait to see if Nifty violates 5700. In the interim, we can expect a pull back in the next few sessions.
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