Technically it was a hectic schedule for the Indian Stock Market today. Nifty traded a very busy movement and after breaching the vital support of 5,500 and 5,460 levels, Nifty managed to close above 5,500.
On the basis of intraday charts and reports, we are observing a Spinning top which suggests that the prior downtrend is losing momentum. In the next trading session, if indices trade convincingly above 18,400 / 5,530 levels, then rally to 18,530 - 18,685 / 5,560 - 5,600 levels may be seen. On the downside, if they fail then 18,120 - 18,038 / 5,450 - 5,416 levels may act as support for the day.
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