The NIFTY opened the session on a bearish note but the index recovered its early morning losses as the session progressed. The NIFTY gave a smart recovery from its day’s low to register an intraday high of 5542.65 levels. The NIFTY finally closed the session at the 5532.05 levels with a gain of 15.30 points.
The NIFTY held on to it’s near term support levels of 5450 levels and gave a smart recovery from the above mentioned support level to close at the 5532 levels. Sustenance above the 5450—5480 zones will see the NIFTY gradually rally to once again test its key resistance zones of 5600—5625 levels on the upside.
Upsides towards the 5700—5750 levels can be seen only if the NIFTY registers a close above its key resistance zone mentioned above. Conversely, the 5600—5400 levels will be the broad trading range for the NIFTY, if it fails to cross the above mentioned supply zones.
We booked part profits on our long call given on UFLEX Ltd @ 210.80 levels. (Initiated @203.50 levels). The recommendation has already fetched a smart return of 3.60% to the subscribers of our product Trading calls section. We continue to hold our long positions for targets of Rs 215 levels.
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