Nifty - On The Way To 6260 - 6300

Nifty (CMP: 6176.1) - The Nifty Traded in the range between 6183 - 6103. The Nifty gain 84.25 points over the day to close out at 6176.1. Yesterday as the index opened minor gap up and risen continuously & made an intraday high of 6183 where it found cluster support. Finally index closed near to the day’s high. In last report we have mentioned that If the resistance level of 6130 breaks, then index could travel towards 6190 – 6210 levels and that played out perfectly &High made 6183.

The action formed a strong bullish candle with decent volume which signifies bulls are in active. Technically, on the hourly the index has given bullish triangle break out with positive candle which adds strength to bullish stance. Now the index is heading towards 6260 – 6300 levels which is cluster resistance levels. Traders can use this rise as book profit opportunity. Index is trading above 20/40 Day EMA. The daily & hourly oscillator has given positive crossover which suggests that index could rise towards historical high.

The US markets look steady for further upside. Bank Nifty support is placed at 11150 – 11030 level. Resistance is placed at 11300 – 11440 level. Bank Nifty is heading towards 11440 – 11730 levels. Overall, the index remains up and it’s likely to rise towards 6260 – 6300 levels. Traders can book profit at those levels or revise stop loss to 6120.