The nifty opened on a positive note and maintained its strength throughout the day.The nifty registered a high of 5737.15 and closed very near to that level at 5728.95, a total gain of 103.50 (1.84 %) points.
With today’s movement the index has given a breakout above its declining trendline resistance placed at 5700-5720 levels. This breakout suggests that the index could advance to the levels of 5800 / 5850 /5900 levels in the coming trading session, if it sustain above the 5700 levels. Any pullback from the current levels is likely to garner support at the 5700 / 5670/ 5630 levels.
The Nifty is likely to gain further momentum once it trades above the 200 Day moving average placed at 5744 levels.
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