A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading session
The level of 5200 is now an important support.
Nifty opened negative but remained highly range bound throughout the session to conclude with a gain of 22 points at 5317. Amongst the sectoral indices the BSE CD and Power indices were the outperformers whereas BSE Metal and Oil & Gas indices were under selling pressure.
We had indicated the level of 5280 as a critical resistance for Nifty. On Friday nifty managed to clear the resistance and thus turned bullish for the immediate term. It negated a lower top lower bottom structure on the intraday chart thus negating the weakness. The momentum studies too indicate further upside till 5400 in next few sessions.
We recommend a buy on Nifty near 5285 level placing a stop loss of 5200 for an upside target of 5400 and higher.
