NIFTY (Last: 5242.70,
up 26.40 points)
NIFTY ended the day in the positive territory mainly on the
back of short covering in IT, Oil and Gas and Metal sector stocks. Banks, Auto
and FMCG lagged the Index. The trending profile of NIFTY is up, however, the
lack of momentum on upside can quickly change the picture as the Index is
hovering a whisker above its 2 weeks moving average.
In our view, a lot is dependant on Index’s ability to cross
5250-5270 resistance level. If this happens, expect 5300 and beyond otherwise
NIFTY will either drift in a range of 5170-5250 level till it clears its
intentions.
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