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The Nifty has closed the week at 7563 in the region which has the lows of December, the POC of 2014 yearly profile and the vwap of Jan series (7520) . We have an RBI event lined up on Tuesday which carries with it the potential to shake up the inventory even though not much is expected from the meet.
The NF chart shows resistance higher on the weekly near 7620/50 and the buyers are not in the clear till that is taken out. Support will be the 2 algos noted at 7514 and 7444 during the week.
We will be looking for signs of reds near 7620/50
If that happens a retrace to 7510 and 7444 is a big possibility.
If 7444 does not hold then NF can drop hard all the way to 7280/ 7230 again.
7692/ 7740 possible if we stay above 7620 .
The BNF has resistance at 15720 on any upmoves.
15160 is the support again on any drops.