India’s NSE index Nifty has broken above 9,933, the 50 pct retracement level of wave A, after a failed breakout on Thursday. Index may move towards the next retracement level of 61.8 pct at 9,991, just below the 10,000 psychological level.
Price moves in the past one week are seen contained in an ascending trend channel; index likely to test 10,000 level unless the channel is broken on the downside. However, the 9,991-10,000 level can be critical as retracement typically takes place from around the 61.8 pct level.
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