As we were discussing for the last few days, 5165 is one of the target and most crucial resistances for the current up move. And today it's achieved at last minute trading. We may close with a very strong fashion, but as 5165/75 is not crossed, I will keenly look forward towards the price action before concluding about any chance for further gain/pause in the price movement, but would like to suggest profit booking for once to the traders who are holding longs, and consider re-enter above 5180/85 once again, for higher levels.
Supports: 5150-5130 is the main support. Above that no weakness can be confirmed. Below that 5105-5085 will the place to watch out for, below which nifty can get weak for further lower levels towards 5055/50-5020.
Resistances: 5165/75 holds the key clearly. Will obviously advice to book some of your profit and aggressive trader can go for a short as s/l is very small (5185). Above 5175, 5195-5215/20-5240 is possible, where 5340-5430 can be targeted positionally by nifty.
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