According to stock market experts, the market’s retreat rally has resumed, and the Nifty is now approaching a significant overhead resistance zone of roughly 17,000 to 17,200 levels.
Thursday’s day trading guide: The Indian stock market showed a durable follow-through upside rise on Wednesday after demonstrating an upswing move with heavy volatility on Tuesday. The NSE Nifty rose 184 points to settle at 16,955, while the BSE Sensex rose 611 points to close at 56,930. After closing at 35,029. Nifty Bank gained 421 points and reclaimed 35,000 levels. According to stock market analysts, the present market pattern points to a continuation of the market’s retreat recovery following a steep loss.
Today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, revealed a day trading strategy for the stock market “The market’s retreat rally has persisted, and the Nifty is now approaching a critical overhead resistance level of about 17,000 to 17,200 points. In the coming sessions, there’s a better likelihood that Nifty may reverse down from near this level. The NSE Nifty has immediate support at 16,830 levels.”
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