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Stop loss for existing long positions may be trailed to 5320.
Nifty opened firm and maintained its gains throughout the session to end with a gain of 69 points at 5429. Amongst the sectoral indices the BSE Metal and Oil & gas indices were the outperformers whereas BSE Auto index appreciated the least.
The upside momentum in Nifty continued for yet another session and it ended the day with a gain of 69 points at 5429. It may now further move higher to test a resistance of 5458 and beyond that the momentum may take it higher till 5477.
We need to examine whether Nifty sustains above the level of 5477. Continued strength above that would ensure higher levels and a probable retest of 5629 over the course of next few days. However failure to sustain above 5477 should be taken as a sign of weakness in the immediate term. Intraday supports for Nifty are now placed at 5380, whereas the value for a reversal of present uptrend is placed at 5320.
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