Nifty could not extend yesterday's gain and today would be the first day where we could see some short built up in the system after a long time. I would see this only as a temporary arrangement to make the volatility index adjusted with the index moves. We have some crucial results on the 12th of July and we are close to the dates of topping out ie; 15-18th of July. Though there are some shorts in the system we could see some decent support emerging at lower levels close to 5270. As mentioned in the previous posts 5260-70 would be the stop for any long positions and even if it cracks below the buying zone nifty would defend any dip with the multiple support zones. It would take a dip and then come for a secondary rally to top out. Till now it seems to be a range bound session and momentum indicators have started showing some negative divergence but as long as it holds the support zones 5400+ levels are very much possible. It is yet to see how Infy results and IIP data would trigger the move tomorrow. The trading range can be 5260-5400.
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