Volatility to persist; Buy around 10260-270: Nifty gapped up at open upon positive global cues but failed to hold onto gains as the index slipped lower to test its lowest level in as many as 12 trading sessions.
Selling pressure intensified after the Japanese benchmark index Nikkei witnessed close to 900 points of selloff from its intraday highs, which dampened the sentiment back here in India. The index also fell below its 21 day SMA at 10279.61 for a brief period but managed to recover thereafter to end on a flat note.
Going into today’s session, intraday traders are yet again advised to trade with caution even as the index is within touching distance from its crucial weekly support zone of 10260-10240. Slipping below the said zone, the index is likely to take its next support around 10200-10170. Whereas on the upside, immediate resistance in the Nifty can be witnessed around 10350-10370 crossing which a possible up move towards 10420-10440 cannot be ruled out. US fighter jet flies as close as possible to North Korea without 'PROVOKING WAR'
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