As per the last post Nifty almost achieved both the target of 5108-5122 (high made 5120), and really not looking weak as of now. We discussed about the 5060 zone and we did not manage close above that (that resistances worked as closing level, and quite unknowingly too) and ended dead flat for 3 consecutive days from 16-18 Nov @ 5056. Got a dip and closed the week @ 5068 (above 5060), and now new highs are again coming our way. And as discussed on 12th Nov post, above 5060/65 all downside movement will be bought for higher levels. And for what target?? Check this out.
Supports: As shown on the chart 5090 and 5083 holds the key for the day. An aggressive profit booking can show upto 5060 or which can be your s/l for longs on dips. below that 5060 intra weakness may bring 5035/25-5000 zone to decide further movements.
Resistances: 5122 is still there. A convincing break above that can very well show up 5147-5170. Above that more strength should set in bring it towards 5195-5220 and positionally 5289-5320-5410-5530... phewww!
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