Hello,
Nifty yesterday tested the 5400 level and fell back a little. The reaction itself was not entirely unexpected since 5400 represents a major resistance point and market had gone into a bit of Overbought territory for any strong gains to be made. But the test itself has meant that as pointed out in our weekly column, 5400 will get broken this week and since resistances above that are pretty high since we have not breached the 5400 mark in a pretty long time.
For the first time in a very long history have we broken out of the influence of the US markets and other International markets and actually one of the leading markets for the year - at least for the time being . With strong FII flows continuing, one can expect our market to continue to outperform for the time being.
On the higher side, Nifty shall face resistance at 5400 and 5465. Supports for Nifty comes at 5335-5350 and below that at 5300-5320 levels.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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