Markets opened on a negative note and recovered from the day’s low to close in the positive territory. In the
previous daily report we had mentioned about the bullish “Hammer” pattern formation on the daily charts.
Considering the fact that the Nifty has managed to close above the high of the “Hammer”, we reiterate our view
that indices are likely to test 16640 – 16840 / 4970 – 5030 levels in the coming trading sessions. On the down
side 16160 / 4825 may act as support for the day.
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