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Jul 12, 2012, 08.23 AM IST
The Nifty finally gave us an upward breakout after a 3 week long sideways consolidation, with force above the important resistance zones of 5185-5200, says Technical Analyst, Mohit Gaba.
Technical Analyst, Mohit Gaba:
The Nifty finally gave us an upward breakout after a 3 week long sideways consolidation, with force above the important resistance zones of 5185-5200. The Bank Nifty was again a major contributor to this up move. I have gone long on the Bank Nifty myself and would expect the Nifty to move higher to 5300-5340 levels. One could have a stoploss at 5240 if one is initiating fresh longs. The positive bias did eventually prove correct.
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