Nifty opened with an
upside gap for the fourth consecutive session and remained in the positive
territory throughout Thursday’s session. Continuing their
record-breaking streak, markets hit new highs today. The Sensex settled
109 points higher at 41130, a new closing high. Intra-day it rose to a new high
of 41163. The Nifty also settled at a new closing high of 12154.
Nifty is sustaining well above the breakout level of the Bullish Pennant pattern and is poised for further rally towards the 1200-12,300 zone in the coming sessions. Now, the previous swing high of 12,103 shall act as an immediate support for the index. Below this level, a major support remains intact in the 11975–12000 zone. As long as Nifty holds above 12,103 level, we will continue our bullish stance and advise traders to use intraday declines as a buying opportunity as the bullish momentum is likely to continue.
Nifty is sustaining well above the breakout level of the Bullish Pennant pattern and is poised for further rally towards the 1200-12,300 zone in the coming sessions. Now, the previous swing high of 12,103 shall act as an immediate support for the index. Below this level, a major support remains intact in the 11975–12000 zone. As long as Nifty holds above 12,103 level, we will continue our bullish stance and advise traders to use intraday declines as a buying opportunity as the bullish momentum is likely to continue.
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Resistance: 12200, 12250,
12300
Support: 12100,
12050, 12000
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