>HIGH NOON (SHAREKHAN)

Resistance @ 5150

The Nifty recovered sharply from yesterday’s low and has opened in green on strong global cues. On the lower end 4900 again acted as a good support and still remains a crucial support. However, the upmove in the Nifty is currently not supported by the momentum indicators. On the upside, 5150 remains a crucial resistance. So, the Nifty is in the range of 4900-5150.

On the hourly charts, the KST momentum indicator has a given a positive crossover and is trading below the zero line. The Nifty is trading above the 20-HMA and 40-HMA, ie 5029 and 5019 respectively, which are support levels in the immediate run. The market breadth is positive with 1,052 advances and 193 declines.

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