It was a cheerful start for the Indian markets on the starting of new trading week which traded positive through the day and closed higher with gaining 47(Nifty) and 143(Sensex). On the basis of daily reports and charts Nifty is trading in a Broadening Price formation which has a resistance at 5,510 level while the crucial support will be 5,450 level. Looking at the Daily chart the Nifty Chart looks overbought and is due for the technical correction below 5,510 level, so the Technical Bias below 5,510 remain negative. A breakout above 5,510 only will be treated as the continuation of the earlier up move and will negates the earlier view.
On an intraday basis, Nifty spot should find support near 5,448 & 5,411 level while the resistance will be at 5,507 & 5,529 level.
On an intraday basis, Nifty spot should find support near 5,448 & 5,411 level while the resistance will be at 5,507 & 5,529 level.
BSE Sensex should find support on the downside at 18190-18020 and resistance at 18356-18430.
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