Nifty Seems Positive:Technical Views For (07-Sept)

It was a wonderful start for the Indian Stock Markets which, traded with positive global sentiments, good strength and ended with huge gains with the Nifty closing at a 31-month high. The rally was led by the metal pack which saw strong buying interest followed by realty, financial, oil & gas and auto. Today's session saw the biggest point gain on the Sensex since May 26, 2010.(According to NDTV Profit.)

For tomorrow, Further breakout above 5,572 could lead towards the next channel target of 5,625 (resistance of the diagonal price channel) while a correction could drag it towards the support of 5,520 & 5,500 respectively. The 5,650/5,700 levels may provide resistance to any up move. On an Intraday basis Nifty spot pivot levels are - Support at 5,507 - 5,478 levels ad resistance at 5,617 - 5,658 levels.

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