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Even though there are bearing patterns claimed by many. My Ami shows the above pattern.
IIFL Weekly Wrap Suggests:
The rally for Nifty came to stand still near 5,150 as profi t booking
on Friday trading session. However the medium term trend for the
markets still remains positive and dip towards 4,930 should be
construed as retracement rather than any major trend reversal.
Market participants are favoring light positions ahead of key events
like RBI policy meet and IIP numbers. We expect Indian market to
continue to outperform its global peers and could be heading back
to 5350 after recent correction.
P.S. Everyone is invited to give his opinions in this thread.
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