The Sensex soared over 475 points to close at its new lifetime high on Wednesday, driven by gains in TCS, Bharti Airtel and Titan amid persistent foreign capital inflows. The sensex settled 476 points higher at 58723. It touched an intra-day record of 58777. Similarly, the Nifty climbed 139 points to its new closing high of 17519.Nifty ended at fresh closing high at 17519 with gains of nearly 1% and formed a bullish candle on the daily chart. It seems the index has given a bullish flag breakout on the daily chart which is considered to be a bullish continuation pattern by nature so one can expect more upside if 17350-17450 levels are held which are immediate and good support zone on the downside. On the higher side, the immediate hurdle is at 17600-17700. Any dip near the mentioned support zone can be again a fresh buying opportunity. The market witnessed some positive movements as Nifty was able to breach 17500. If it sustains above 17500, it may gain momentum, leading to an upside projection till the 17900 level. Momentum indicators like RSI and MACD may stay positive and market breadth may improve, further strengthening the short-term bullish outlook.
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Resistance: 17400, 17450, 17500
Support: 17300, 17250, 17200
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