Nifty now tests the resistance of 5129; its 200 day EMA

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Nifty now tests the resistance of 5129; its 200 day EMA

Nifty opened positive and strengthened further to conclude the day with a gain of 81 points at 5127. Amongst the sectoral indices the BSE CG and Bankex indices were the outperformers today.

On the intraday charts the upmove since the low of 4588 has been a Channeled one and Nifty now trades close to the upper band of this Channel being formed since the beginning of the month. Today it even tested the resistance of its 200 Day EMA. The trend continues to remain up till the time Nifty trades above the level of 5050 now.

The level of 4980 is the next important support as it is the lower band of the mentioned intraday trend channel. Till the time 4980 is intact the momentum would continue to remain up. On the upside, now the level of 5213 would be the next upside target till the time the level of 4980 is respected.