Hourly: The Indian market opened on a positive note but was not able to sustain at higher levels. The Nifty drifted lower to close in the red zone. On the hourly chart Nifty is in a congestion zone. For the coming session if Nifty trades above 2871 it could test 2853-3001. On the lower side 2750 could act as a support zone. For a clear direction Nifty has to trade above 2976.
Daily: Last week Nifty fell 5.47 percent and broke the momentum of the two-week gain. On the daily chart Nifty is hovering in the range from 2770-3240 for the last nine trading sessions. The Nifty is still making lower tops and lower bottoms indicating some bearish signal. For the coming session Nifty can take support near 2740. If it breaks 2740 it could test the 2650 zone. On the other side if Nifty trades above 2920, it could test 2989-3054 levels.
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Hourly: The Indian market opened on a positive note but was not able to sustain at higher levels. The Nifty drifted lower to close in the red zone. On the hourly chart Nifty is in a congestion zone. For the coming session if Nifty trades above 2871 it could test 2853-3001. On the lower side 2750 could act as a support zone. For a clear direction Nifty has to trade above 2976.
Daily: Last week Nifty fell 5.47 percent and broke the momentum of the two-week gain. On the daily chart Nifty is hovering in the range from 2770-3240 for the last nine trading sessions. The Nifty is still making lower tops and lower bottoms indicating some bearish signal. For the coming session Nifty can take support near 2740. If it breaks 2740 it could test the 2650 zone. On the other side if Nifty trades above 2920, it could test 2989-3054 levels.
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