The Nifty is likely to open higher on Thursday, tracking positive handover from Wall Street. The Nifty closed 30 points higher at 9,816 on Wednesday.
The index formed a small bullish candle and negated negative pattern of shooting star formed in the previous session.
The index moved in the trading range of the previous session, but the bulls managed to save the day for Nifty. Traders can retain their long positions with a stop loss below 9,700.
Despite moving in a narrow range of 37 points, Wednesday’s price action in Nifty should certainly give a sigh of relief to the bulls as there was no follow through to the weakness exhibited around 9800 levels.
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