Nifty showed a strong directional move with moderate volumes from past 2 days. It would have been nicer if the volumes were a bit more than previous sideways movement to confirm this as a strong trend reversal signal. However, it is still wait and watch for mid-term long positions.
For tomorrow, Nifty might see resistance at 4280-4290 or along the yellow dotted-line marked in the above chart. Above that, the next resistance is at 4360-4390 levels.
On the lower side, Nifty may take support at 4130-4120 levels, below that at 4055 levels
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