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Bdl 905 to 975 when nifty day low... Cheers
Good Morning,

US markets have witnessed strong correction in past few days but they have now shown and interesting pattern. All the major benchmark indices have seen positive divergence in rsi and macd on 120 mins charts. The benchmark indices have also seen bullish macd crossover. This pattern started in 60 mins charts and then transitioned to 120 mins charts. Similar pattern is being formed in 240 mins charts implying the benchmark indices can witness some upside from current levels. 

Nifty has bounced back from 17500 levels which has the highest OI concentration in put chain. Also, the index has taken support from rising trendline formed from swing low of 15200. This implies that the index can see some upside toward 18000 as long as 17500 is protected.

Banknifty has been showing strong outperformance against Nifty and it has been strong throughout August and September. The index has currently taken support from rising channel pattern and as long as 40500 is protected it can also attempt fresh highs.

Regards,
Gaurav Bissa 
Nifty auto
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2024/03/28 10:10:26
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