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Breakout past 9,450 can push Nifty to 9,550-9,575

Traders could consider going long on the dollar/rupee purely on technical grounds

Devangshu Datta 

The market touched a succession of new highs and it is now testing resistances above Nifty 9,450. The main driver is domestic retail. There is no real selling pressure since both domestic and foreign institutions seem to remain net bullish. But, net buying volumes have eased down and domestic institutions have done some selling.  India-specific events still look favourable with reasonable corporate results and a thrust on reforms continuing with the new bank ordinance, which gives the Reserve Bank of India (RBI) more powers to resolve NPAs. The GST is also said to be ...

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