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Bulls were in relaxing mood. After 2 days of record
breaking run bulls were taking a breathe in today’s session. Market was moving
in a narrow range & nifty future closed the session above 11400 mark after
making high of 11445 & low of 11376 led by banking stocks amid strong cues
from global markets.
The Nifty picked up momentum last week and is trading comfortably over 11300 levels. We reiterate our bullish view on the market and maintain our target of 11500 for Nifty. Beside earnings, traders should closely monitor updates on the progress of monsoon and global cues. The immediate target for nifty in the upcoming session will be 11500-11550. But, for momentum to continue, the nifty has to stay above 10400-levels on a closing basis, while supports may come in at 11350 and 11300 levels.
Resistance: 11500, 11550, 11600
Support: 11365, 11325, 11275
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