Market May Remain Consolidate

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Technically, Nifty breached the vital sentimental resistance level of 5,900 but succumbed to profit booking pressure and closed at lower level. Owing to profit booking sentiment, Nifty corrected to close in negative after touching higher sentimental level of 5,900. For the day, Nifty has registered its PCR level at 1.14 against 0.95 as of previous trading session. Because of buying support at every levels, added with short covering, Nifty ably maintained the ongoing trends and successfully closed above the vital 9 & 14 day's SMA placed at 5,684 & 5,596 and surpassed 50 and 100 day's SMA placed at 5,476 and 5,309 with a good margin; these levels may act as new supports, in coming sessions.

For tomorrow it is expected that market may continue a phase of consolidation, as I said yesterday. The market is likely to face resistance around 5,900 level and may get support around 5,600.

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