NIFTY: Bullish trend should Continue-8300 next Resistance

Technical View

Nifty this week crossed above 8000 which is 161.8% Fibonacci Level in addition to being a number with big psychological significance. Hence it is a crucial level and should prove to be a strong support. Above 8000, Nifty has a target of 8300.

Below 8000, it has strong support at 7850, 7730 and 7650. This trend will become bearish only if Nifty closes below 7568, its previous major low in August.

RECOMMENDATION:

Several midcap, small-cap, and infrastructure stocks have fallen sharply, offering excellent opportunity to investors to enter. Some slow moving cyclical stocks may surprise the markets.

The markets still offer opportunities for medium to long term investors in Equity Mutual Funds.

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