Markets on a linear upmove!!! Up 400 points from our BUY.
Nifty has reached the resistance zone of 5750-5780. I would recommend one to book their profits at these levels and re-enter at lower levels as markets are extremely overbought at the current levels. Nifty has moved up vertically by almost 550 points from its low of 5195 and it would be prudent to book out profits at current levels even though we maintain our target at 5900+. Part booking is an essential tool in trading and provides one with more ammunition to trade in the market. So book profits and look for buying opportunities near the support regions of 5450-5500 i.e. if that comes :) (a 50% retracement level for the entire upmove provided nifty halts below 5800)
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