Nifty was on a bull trend and closed at 5898 level. So Nifty again made some sharp move as like last session. Nifty again moved above its 200 day average, Nifty gave higher close above 5863 (previous minor swing high), and for some momentum is in swing. Now, for us also Nifty has increased our confidence, but if we take view in the isolation. I am little skeptical only because CNX IT gave weaker close today, and Nifty driver Bank Nifty is not in the same mood as Nifty. If Nifty sustains above 5905 then, it has upside target of 5975.Bank Nifty is not in its best, but still positive. On the upside Bank Nifty will face resistance near 11950. We would prefer to excuse Bank Nifty for time being. the first resistance for nifty is at 5921-24 level. Next resistance ranges are at 5944-48,5982-86,5996-99,6012-17,6050-53,6090-95 levels. On downside first support is at 5876-72 level. Next supports are at 5853-49,5815-11,5788-84,5750-46,5728-25,5695-90,5666-61,5622-18,5590-85,5569-65,5536-32,5518-14,5497-92,5477-74,5445-41 level.The trend is now slightly in bull side So a move above 5924 can make the trend better so today intraday resistance are at 5924,5948 and 5986 level and on downside if below 5849 be very alert and avoid all longs.
Positional Support for NIFTY 5845 5836 5823 5812 5727 5706 and positional Resistance for NIFTY is 5938 5939
Intraday Resistance of NIFTY are 5944 5982 6014 6030
Intraday Support of NIFTY are 5853 5815 5784 5768
Positional Support for NIFTY 5845 5836 5823 5812 5727 5706 and positional Resistance for NIFTY is 5938 5939
Intraday Resistance of NIFTY are 5944 5982 6014 6030
Intraday Support of NIFTY are 5853 5815 5784 5768
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