For last three sessions market is closing with good gains and it surpassed all signs of strength on the back of good earning estimates.
Yesterday Nifty closed flat after opening weak and it formed charts which indicates some confusion among traders for the coming few sessions.
After superb gains of last two sessions before yesterday, traders were in a mood to book some profit and most front line stocks showed profit booking.
Although mid-cap stocks did not show much of profit booking and there were longs being built up there.
Now today if Nifty opens with some gains then it would be prudent to book profit on the rise and some shorts may also be built up at higher levels.
Some technical indicators like MACD, RSI and stochastics are giving indications that we may see some profit booking for 1 or 2 trading sessions.
| Important Nifty Levels for 7th April | ||
|---|---|---|
Nifty Pivot | 5369 | |
| Support | ||
| 5352 | 5324 | 5296 |
| Resistance | ||
| 5391 | 5414 | 5439 |
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