Nifty rebounds to close above 10900 on the back of global market cues and Technical patterns. A reversal pattern was seen in yesterday's chart and a reversal was further strengthened as Global markets recovered in early trading hours in Asia.
Technically this is a short term bounce, for now, we have seen which is seen on the back of some minor short-covering and technical patterns. We may not consider this to evident for a medium-term rebound but this is a kind of relief. The market is still below its short term moving averages and it is important to see how we react to those levels.
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