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MTECHTIPS:-NIFTY
Nifty gave a positive gap up opening on Thursday and the index witnessed strong buying in beaten down stocks with strong fundamentals, and short traders were seen exiting short positions.The index managed to give a strong rally and closed the session with huge gains.Nifty has made higher high and higher low in last 3days and till such movementum is continued levels of 5200-5300 should be possible before this rally can fizzle out. Today Nifty holding 5000 levels is important for rally above 5120, Nifty is facing selling near 200DMA 5065 which is important on closing basis in days to come. Nifty after 4days of rally can see profit booking ahead of weekend. Sensex has formed Dead Cross and Nifty is on verge of forming in next few days, Last time Dead Cross was formed in Nifty in March 2011 after which we have seen market rally from 5500 to 5900 before correcting till 4500 by December 2011.
Nifty gave a positive gap up opening on Thursday and the index witnessed strong buying in beaten down stocks with strong fundamentals, and short traders were seen exiting short positions.The index managed to give a strong rally and closed the session with huge gains.Nifty has made higher high and higher low in last 3days and till such movementum is continued levels of 5200-5300 should be possible before this rally can fizzle out. Today Nifty holding 5000 levels is important for rally above 5120, Nifty is facing selling near 200DMA 5065 which is important on closing basis in days to come. Nifty after 4days of rally can see profit booking ahead of weekend. Sensex has formed Dead Cross and Nifty is on verge of forming in next few days, Last time Dead Cross was formed in Nifty in March 2011 after which we have seen market rally from 5500 to 5900 before correcting till 4500 by December 2011.
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