We have been bullish on Nifty with first target at 5400 and on sustain break above 5425 the second target at 5500. As long as Nifty holds 5259-5300 range the current move is considered as consolidation with above targets. Any sustained break below 5240 will invalidate bullish view with targets at 5180, 5080. (Levels mentioned are based on Nifty August Futures Price)
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