Commenting on the current market situation, Amar Ambani, Head of Research, IIFL, said, “Nifty is finally approaching the critical resistance level, which is neckline of the bearish head and shoulder on the daily chart. If Nifty manages to close above the neckline level of 7810, we expect the current momentum to further extend. However, if Nifty is unable to breach the resistance, the short term trend then would come under threat.”
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