It was an excellent start to the week for the Indian market which witnessed a runaway rally today with the banking space posting life-time highs. In keeping with positive global sentiments, our market opened gap-up and then surged ahead with strong buying in almost all sectors.
For market tomorrow, technical indicators look overstretched and a possible correction looks due on card. Technically speaking the breakout from the broadening price formation could lead Nifty (spot) towards the target of 5,840 level where 5,710 & 5,600 should act as a crucial support respectively. Nifty spot pivot levels are - Support: 5,723 - 5,592 | Resistance : 5,807 - 5,854.
Ref : Nifty Daily Reports
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