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Nifty outlook and technical calls by Vinay Rajani - PCG Desk, HDFC Securities:
Nifty View
Nifty ended flat and formed indecisive “Doji” pattern on the daily chart during yesterday’s session to close at 10426. Nifty has shown a recovery of more than 330 points in last four sessions. Nifty managed to hold above its 200 DMA support and reversed northward. The meaningful resistance from here seems at 10638, which happened to be the intermediate top on the daily charts.
Considering the evidences discussed above, We believe that Nifty could extend this pullback and Longs should be held for the upside
