Commenting on the current market situation, Amar Ambani, Head of Research, IIFL, said, “Nifty rebounded sharply to regain control above 7,800 taking cues from gains in global markets. Thursday’s move has led to a breakout from a downward sloping trendline on the short-term charts. A move above 7,890 would confirm a breakout from a base which could push the rally higher towards 8,000 in the near term.”
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