On Wednesday, the Nifty index opened on cheerful note owing to positive global cues and we saw sharp surge in index during the initial hour of trade. Subsequently, the bulls were holding its gains throughout the remaining part of the session. In the process, index eventually concluded the session at record closing high. Going forward, Nifty is approaching towards the 161.8% reciprocal of its entire swing move from the top of 10179 to the bottom of 9688 comes near 10482 which may act as an immediate resistance. On the flip side, 10400 / 10370 are the immediate support in case of pullback.
Yesterday’s move was in line with our expectation as highlighted in our previous update. During the day, the Nifty Bank index opened with a gap and surpassed its previous all-time high of 25200. The break of such resistance with a gap is a bullish indication and we saw follow-up buying throughout the session. Broadly speaking, index has confirmed its breakout from long consolidation hence we expect Bank
Nifty to outperform in the near term. For the day, 25680 / 25870 are the immediate resistance whereas 25300 / 25100 are the immediate support.
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