It was indeed a case of being positively surprised by the Nifty movement. We must admit we were not expecting this kind of a rally at all. Period Nifty made a high of 5750 and a low of 5697 today. The sustained buying campaign after the initial fall to the Nifty level of 5579 was just too good. Then index a gave a reversal signal by close above the 5700-mark at the end...
On the way up, above the 5700-mark, its targets cum resistance levels are at 5740 and 5780 for the day. Unless the Nifty falls and closes below 5640-5660 critical support area, the bulls would retain the ability to push things higher again on Friday, Aug 16, when the market opens after the Independence Day holiday.
SUPPORT: 5720, 5700,5680