We have seen some surprising pull back from the lows on Nifty which was surely not expected in such a quick manner. Though overall trend for the mid term seems to be positive but Nifty was trading in a downside channel on the daily chart which has been breached today with heavy volumes moving back towards a medium term positive trend outlook. Though still 8265 has not been breached on the upside but looking at the momentum it feels we should do the same soon. Until now i was just recommending longs on stocks but now it seems we can go long on indices after we move beyond 8300. Though i wouldnt take any risk on naked futures as Brexit is still lingering. Overall Nifty has closed back above all short term averages and now the resistances seems to be around 8577 if we sustain 8200 for this expiry

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