Nifty ends down post an indecisive pattern on the back of profit booking and negative global cues though continues to trade in the range. Lower participation of nifty 50 stocks in the upward move as compared to decliners indicates an exhaustion on the upper levels. Almost 70% of Nifty broader indices declined on the back of same.
The trading range in Nifty is still intact in short-term as this may turn to be a mild correction in a longer-term bullish trend. Overall trading range in Nifty is from 10400 on the higher side where it will face multiple resistances while on the downside it is having a base formation at 10300. A break of this range will further give momentum to intermediate trend.
Support for Nifty is at 10320 on an immediate basis and breach of same will give a further push to bears for a move to 10240. Resistance is at 10400 and the only breach of the same on closing basis will validate a long side entry in coming days.
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