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Nifty outlook and top trading ideas by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls:
Nifty Outlook: Post breaking out from the ‘Inverse Head & Shoulder’ formation, Nifty witnessed a smart sustained up to move towards its price target placed near 10420-10440 zone. Though the index has not witnessed any meaningful reversal sign yet but the narrow ranged bodies off late are a concern indicating exhaustion of momentum. On the daily scale, the index witnessed another small body formation with a long wick which could be an early sign of developing weakness as intraday oscillators are showing divergence. Hence though there are
