The NIFTY opened on a tentative note and traded in a narrow range for most part of the session.
The nifty recorded a low of 5098, before picking up strong momentum towards the end of the
day. The nifty finally closed at 5153 with a gain of 28 points.
With today’s movement the index has given a closed above its resistance zone of 5110-5130
levels.
Going forward the index is likely to head towards the levels of 5190 /5230(negative gap resistance level.
The level of 5230 would act as important resistance level and the index could witness some kind of profit booking around this level.
On the downside the index has support at the levels of 5110 / 5070 / 5030 levels. A close above the 5230 would see the index filling up its negative gap and it could head towards the levels of 5300 -5320 levels in a short span of time.
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