Markets closed Wednesday's
session higher, extending gains to fifth session in a row. The markets opened almost 100 points above
previous closing and kept the gains intact through the day as the Nifty PSU
Bank sub-index proving to be the pivot of the Street once again, surging more
than a percent. The Sensex closed on 33561; up by 83 Points while the Nifty
future gained 8 points to close on 10360, it has opened at 10383 made a high of
10388 & low of 10321.
It seems
that markets are enjoying their merry days and are in no hurry to
provide a much awaited correction. For the coming session, immediate resistance
would be seen at 10400-10450 and a sustainable move beyond this would extend
this rally. On the flipside, 10300-1250 are likely to act as strong support
levels. Nifty has got strong support around 10300 and it would be
advisable to hold long positions for the upside target of new all time high
above 10450. Stoploss for Nifty longs remains at 10250 on closing basis.
Resistance: 10400, 10450,
10500
Support: 10300,
10250, 10200
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