The NIFTY opened on a positive note taking cues from its Asian peers. Thereafter the index
maintained its strength throughout the day and registered an intraday high of 5154.
The nifty eventually closed at 5124 levels, a total gain of 60 points. With today’s movement the index has given a close above its resistance level of 5110 (being the 38.2 % retracement from 08 July highs of 5740 to 26 August lows of 4720).
The index now needs to sustain above the 5130 levels to continue its upward movement and a possible test of 5190 /5230 (negative gap resistance level).
Failure to sustain above 5110-5130 levels could see the index confined in a range of 5130 on the
upside and 4950-4940 on the downside.
The immediate support is place at 5070 levels followed by the 5040 / 5017 (short term moving average).
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