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A down day, but still in range: Mohit Gaba
One could go long on the Nifty with a stop loss at 5250 with targets of 5300-5340 in mind, says Technical Analyst, Mohit Gaba.
The Nifty opened gap down and traded lower testing the crucial 5250-5260 support zones. It traded in a narrow range around those levels (not breaking them) before closing a few points higher.
The Bank Nifty looked stronger than the Nifty and the major banking stocks did not look very weak. Yesterday’s down move could be a reaction to the strong up move we have seen last week and hence I have gone long (half quantity) on the Bank Nifty. One could go long on the Nifty with a stop loss at 5250 with targets of 5300-5340 in mind.
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