Strength intact. A minor correction till 5000 cannot be ruled out; however Nifty may test 5100 in next few sessions.
Nifty added another 52 points to its value to conclude the day at 5049. Amongst the sectoral indices the BSE Realty and Bankex indices were the outperformers whereas BSE CD index ended marginally in the red.
Nifty tested the mentioned level of 5050 in today’s trade and ended with a gain of 52 points at 5049. In the immediate term a possibility of a minor correction till 5000 cannot be ruled out, however the momentum that started early this week remains intact. On the upside Nifty may test the level of 5100 in next few sessions. The level of 4840 has now emerged as a major support for Nifty. The recent short term uptrend would continue as long as Nifty trades above 4840.