The NIFTY opened on a tentative note and plunged to an intraday low of 4967. Buying activity
was intensified in the later part of the session which led the index an intraday high of 5091.
The nifty eventually closed the day at 5075 with gain of 63 points. With today’s movement the nifty has registered a breakout from its trading range of 4910- 5050 levels and in the process has negated the bearish head and shoulder pattern on its intraday chart.
This breakout suggests that the index could continue its upward movement towards the levels of 5115 /5160 /5200-5230 (negative gap resistance level), if it sustains above the 5050 level.
On the downside the index has immediate support at the 5050 level followed by the 5020 /4970
levels.
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