Nifty November series expires at 4756, the lowest series close of the year and testing lowest level on spot prices for the year, after taking support at yesterday's low once again and bouncing back on short covering rally. VWAP at close is 4691.
1) Bias is still negative a close above 4750-4800 zone is required over the next few sessions for fresh buying to come in. The volumes are not encouraging enough for bullishness to return coupled with the global cues.
2) Below 4700, the levels of 4640 and later 4590-4530 will likely be tested.
3) The chart uploaded today is a long term daily chart from August 2009 till date. Some sort of symmetry is in the making apparently of the trading range that seems to be developing on this chart and it looks quite interesting and no technicals involved in seeing this chart. Happy trading :)
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