Finally Nifty is marching towards 4850 levels.
Nifty opened weak to flat taking its cue from the Chinese markets @ 4703, and did nothing for 2 hours.Finally it tried to sell towards 12.00 pm, but managed to find good support at 4650 levels.It rallied smartly from this low to make a new high @ 4753 before closing at 4731.
On the Daily charts the is a triangle formation and the top resistance stands @ 4755.And it seems Nifty is poised for a big breakout on the Upside towards 5000 levels and above.Now only a close below 4350 level will negate the above view.
Our view on Nifty is Bullish and in the near term only a close below 4650 decisively will lead the nifty towards 4350.
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