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NIFTY: Pre Budget Technical Analysis
Nifty is in an uptrend and has immediate support at 7700 and resistance at 7860. A break above 7860 may take it to 261.8% Fibonacci level of 8100.
Below 7700, Nifty has very strong support at 7500.
We expect Nifty to move between 7500 – 7800 with an upward bias till budget and go further up after budget.
It may be difficult for Nifty to breach 7500 unless there is a geopolitical major negative or the budget is anti-markets.
Markets may be volatile and the levels 7500 – 7800 for the Nifty may be tested pre-budget.
We recommend investing before budget and holding existing equities.
See our other research reports here:-http://www.rrfinance.com/Reserch/ResearchHome.aspx
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