Hello,
The ping-pong match seems to have finally ended in favour of the Bulls with the Bulls seeming to gain total control by breaking and closing above the 5410 mark. We have one another barrier to break before Nifty can start off with a strong upmove. The resistance comes at 5455 which looking at SGX seems will be broken in the opening gap.
While the US markets have provided us the momentum for the current spike, they themselves are in a spot of bother and hence can see higher volatility which may get reflected even in our markets. Unlike previous time (Sept 07) around when we had a strong move inline with the US, this time it seems that any move will come with higher volatility than what we have been accustomed to till date.
Once we have crossed 5455, Nifty has resistance coming up at 5500. On the lower side, supports exist at 5365 and 5335.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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