The Nifty opened on a positive note and maintained its strength throughout the day. The Nifty registered a high of 4991 and closed very near to that level at 4979, a total gain of 91 (1.87 %) points.
As discussed in our previous update, the index continued its upward movement and has managed to achieve its first target level of 4980 levels. Going forward the index is likely to test its next immediate resistance levels of 5025 and only a sustained move above this levels could see index heading higher towards the levels of 5060 / 5110 /5170 in the near term.
On the downside the index has immediate support at the 4920 levels followed by the 4890 /4860
levels.
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