Nifty today had a breakout from the consolidation band
of 6000 to 6222 and closed the day at the 32-month
high at 6233.
Now the index would target 6289, which was the alltime
closing high for Nifty, and then 6357, which was
the all-time intra-day high.
On the downside, the index would find strong support
at 6135, which is the 10DMA.
After one week of consolidation the momentum
oscillators have again risen to stretched levels but
against liquidity-driven bull market, such stretched levels
can be ignored for a couple of weeks.
Therefore in the coming days we expect the index to
breach the new all-time high and target 6450, which is
the upper end of the channel.
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