Daily: On the charts, one can observe that before any new breakout or breakdown Nifty had spent at least five months trading in a 1000-point range. After this, Nifty has seen a breakdown. Next, Nifty has traded in a 700-point range for almost three months, before a further breakdown was noticed. Following this, we see the Nifty had spent more than five months in a 700-point range - 3200-2500 zone - and seen then saw a breakout from 3200 to 4600.
Nifty has moved to this level in just more than one month and a big gap has been left behind. At least a gap needs to be filled or partially filled. Nifty should spend time around 3800-4500. If Nifty closes above 4650 with volume, the new range of 5300-5500 zone will open, while closing below 3790 would be a sign of weakness.
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