Shown above is the 60 minutes chart of Nifty. As we can see that nifty maintained a channel during this bonce on the down side. It took support from it quite a few times. Also in the 5 minutes chart nifty is moving in a channel and at present it is on the lower band of the channel. It has also completed a short A-B-C correction in the 60 minutes chart. Therefore, I am expecting nifty to extend its gains till 8440. One should maintain a stop loss below 8379.
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