Last week the nifty didn't move at all; it closed where it opened i.e. at 5842. It's movement therefore was inconclusive.Even though the selling pressure is not there, fresh buying too isn't there. The technical parameters suggest a short term bearish mode. However if the market manages to trade above the 5975 levels with good volumes, fresh buying may emerge taking the benchmark index to new 52 week highs.
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