Buy Nifty- Short term

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After reaching 5629 on Feb 22 Markets were falling continuously. The fall is finally seems to be over. Markets have taken support at 5135 and started moving up. The bottom line of Bollinger Bands in daily charts is at 5138 and the candle is moving up and just broken the middle line at 5252. If markets could sustain over this line for at least one hour then we can expect the markets to reach its next target 5365 in next 2-3 days.

The recent low in daily chart is 69 points above the lower bollinger band of weekly chart. The gap is very small and hence we can expect it to adjust to upwards and can see a complete trend reversal to bullish. The RSI in daily chart at 34 indicates oversold condition. Traders can enter longs at this point and should book profit at 5360. Long term players can wait till 5480.

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