Daily levels:
Nifty started some kind of impulse from the the levels of 7517 and there on it continued its up move till last session without any reasonable correction in between and last session it gave correction within 15 minutes of market openingIt seems like some kind of wave 3 maybe completed at 7909 level on last session and from there it corrected around 70-80 points which may be wave 4 and nifty currently in wave 5.And wave 5 can go maximum up-to 8010,without breaking 7843 level to became wave 5
Conclusion:
Expecting nifty to continue its upward journey for time being as explained above.Level to watch on upside 7950 7980 8050 8080 which will act as a strong resistance
Level to watch on downside 7830 7750 7670 7600 which will act as a strong support on downside
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During that correction, Nifty managed to hold its 20-Days SMA and EMA. Currently, the 20-days SMA is placed at 12,093, while 20-Days EMA is placed at 12,122.
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