Yesterday Nifty took a strong support at 6080 which was the support line in the channel which i mentioned on our fb page After the bank policy we did revised our buying call on the page and initiated long on Nifty around 6142-6155. Bank policy was as expected so it rallyed up as rate hike was already discounted for. All the banks and midcap have rallied with huge volumes which is a strong support for the bulls. Nifty has resisted at strong level 6220 which we had been mentioning in our updates all this month.

Our recommendation: HOLD our longs on Nifty with trailing sl of 6125 tgt 6375/6500

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