Nifty has resistance at 8425 and 8458 while the Index has support at 8380 and 8330, says a report by Motilal Oswal.
Motilal Oswal's Market Outlook
Nifty continued its up move for the 13th consecutive session as it closed above 8400. Though on the daily scale there are no signs of weakness but on the intraday 30 min scale the developing negative divergence on the RSI warrants caution.
The index could witness termination near the likely resistance zone of 8400-8450 & witness a corrective wave. Hence we recommend to reduce leveraged longs & deploy adequate hedge for a while.
Nifty has resistance at 8425 and 8458 while the Index has support at 8380 and 8330.
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