We are in upbeat mood till the time the level of 5300 is not broken. Analysis of technical charts shows that we are in a strong uptrend, however due to exhaustion being seen, we may see profit booking at the higher levels.
We can say that trend of nifty is in Up trend till the time it does not break 5270 on the lower side with volumes. We will be able to see a sharp movement in Nifty on the upper side moment Nifty is able to sustain the level of 5366 with volumes. Analysis of bank Nifty also suggests that it is in upbeat mood till the time it sustains above the level of 10000 mark for gaining additional 400 points from present level.
The coming week needs to be monitored for IIP data which can mar the upswing mood in the market as market is technically stretched and it just requires a small ignition or news to get started in either of the direction. Hope bulls prevail till the time the level of Nifty 5270 is not broken on the lower side.
Support and Resistances for the Day
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Strong future shares at National stock exchange
IVRCL Infra, Aban, Sintex, NCC, Tata Global, India Cement, Jet Airways, ABB, Orchid Chem & Suzlon.
Weak future stocks at NSE
Tulip, Video Ind, BRFL, ITC, BEL, Coal India, IOC, Ruchi Soya, Divis Lab & Patni.
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