The Indian benchmark Nifty remained in a range on Tuesday. After the sharp buying on Monday the index consolidated yesterday to close above the PDH of 7712. Small Cap Index which has been the pillar of the market showed considerable strength has achieved its target of 5090 after making a high of 5083. This suggests that after the euphoric buying seen in the last two days we might see a pause as we are heading towards a truncated weekend in the days ahead. Open Interest data has shown buying on two consecutive days by Propriety and FII which suggests that the view is turning bullish. The short term trend will change to buy if Nifty trades above 7800 today on a closing basis. Bank Nifty will be the Index to watch today as 16260-16340 are the next resistance levels and its is imperative for Bank Nifty break these levels in order to sustain the bull run.
Submitted April 13, 2016 at 12:55AM by ShaileshSaraf http://ift.tt/1T2VrQn
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