Looking at the daily Nifty Reports and charts Nifty has tested the crucial level of 5,500 and owing to good buying, which is a very positive indication for Indian markets. Because of good buying in heavyweight indices, Nifty successfully closed above the vital 9 & 14 day`s SMA placed at 5,464 & 5,468 and surpassed 50 and 100 day`s SMA placed at 5,402 and 5,270 with a good margin; these levels may act as new supports, in coming sessions.
A closing above 5,500 for Nifty would bring in more strength for a move towards 5,546 and above levels, While the support is there at 5,446 and 5,416 levels.
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