Market May Move Further Upside : Technical Views

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If we look at Nifty technical Views, it has breached the upper resistance level of 5,600 and owing to good buying closed near the day`s high. For the day, Nifty has registered its PCR level at 1.15 against 1.17 as of last trading session. Because of  good buying in indices heavyweights, Nifty followed the ongoing trends and successfully  closed above the vital 9 & 15day`s SMA placed at 5,480  & 5,492 and surpassed 50 and 100 day`s SMA placed at 5418 and 5280 with a good margin; these levels may act as new supports, and 5,650/5,700 levels may provide resistance to any up move in coming session. The market is likely to get support around 5,450 level in the event of correction.

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