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Trading Nifty using Technical Analysis

Nifty moved up in the last hour. The RSI is into compression and coiling. A pull back cannot be ruled out from the levels. The moves were accompanied with good volumes. It will be too early to comment on a trend resumption on the upside. Price action needs to be watched at 10490 – 10560 levels. These are key resistance levels while 10600 are critical resistance. The Bollinger band have contracted, further indicating a volatility crush which may lead to wild swings. Technical indicators suggests, move above 10530 is very unlikely.

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