Technical Market View
Nifty (5724.40 +20.20)
Indices opened on a flat note after which restricted movement was witnessed until last hour of trade. Nifty moved in a band of 27 points until that time but strong buying was seen in late trade to take it comfortably beyond 5720 levels. Today’s up move was supported by positive market breadth and higher volumes in cash market segment. Nifty is on the verge of breaking above 19-day range between 5583 and 5730 and once that happens we may again witness a directional move. Nifty gapped up on 2nd November after which it saw range-bound moves and today’s price action indicates a higher probability to continue the northward move in near term.
Nifty (5724.40 +20.20)
Indices opened on a flat note after which restricted movement was witnessed until last hour of trade. Nifty moved in a band of 27 points until that time but strong buying was seen in late trade to take it comfortably beyond 5720 levels. Today’s up move was supported by positive market breadth and higher volumes in cash market segment. Nifty is on the verge of breaking above 19-day range between 5583 and 5730 and once that happens we may again witness a directional move. Nifty gapped up on 2nd November after which it saw range-bound moves and today’s price action indicates a higher probability to continue the northward move in near term.
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