|A daily wrap up on the market, which will keep you updated on what happened in the day and what to expect for the next trading session
Sustenance above 5200 is a Positive sign.
Nifty opened positive and remained firm for the entire session to end the day with a gain of 50 points at 5276. Amongst the sectoral indices the BSE Metal and Bankex indices were the outperformers whereas BSE IT index was the loser in today’s trade.
Nifty did manage to take support above the level of 5200 for the time being and ended the day with a gain of 50 points at 5276. The support activity is a positive sign. In the coming couple of sessions if Nifty manages to surpass the level of 5355 then we may witness further strength which may take it higher till the level of 5400 and beyond that 5495 is possible as it would imply a break out of a declining Channel.
The level of 5200 continues to remain as an important support for Nifty for the immediate term. We maintain a positive view for Nifty till the time it trades above 5200.