Support- 16350 Resistance-16800 Yesterday US market saw stron | Stock Shiksha
Support- 16350 Resistance-16800
Yesterday US market saw strong upside momentum because building permit data further gave clarity on strong economy. There is talking of Russia will allow to export from Ukraine. Russia also is expected to allowing supply of gas to Germany. Indian market likely to follow the trend with huge gap up opening.
Technically, nifty will be in another trading range after gap up opening. Trading range for nifty has shifted to 16350-16800. Buying is not recommended after gap up opening. We should wait for fall to support range and then go for buy. Near 16800 which is very far away is the selling zone.
PCR is 1.37 which is slightly overbought and FIIs position has reached to 21 percent which is still bullish sign for market
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