Nifty Spot
Nifty is likely to hold the support in 5825-5840 region.
In this case it may pull back up to 5950-5970
and will form head and Shoulder pattern
which has bearish implication.
14 Period Stochastic and RSI is in oversold zone.
If shows more power than this pullback may
extend up to 6017-6030 where long term
rising trend line may stall the rally.
This up move will form another right shoulder.
In case Nifty breaks and closes below
5820 then nonstop slide up to next downside
support at 5750-5735 which is
23.60 % Fib retracement level.
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