Since last week, Nifty has been range-bound, and until we get a decisive move above the zone of 17850 – 17900, the range-bound action is likely to continue. The daily momentum indicator has a positive crossover which is a buy signal and also suggests that this dip should be bought into. Overall, we expect the Nifty to test the upper end (18100) of the downward-sloping channel from a short-term perspective.
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