Nifty Shoot Up!!

(26/05/17)

On Thursday, The Nifty soared nearly 150 points and closed at 9509. As We continually mentioned in our last note, if the Nifty reclaims the crucial psychological level of 9400 on a closing basis, then current rally may take the Nifty at 9600 levels and every correction would be an opportunity. The Thursday session proved it to be true. But wait, is it a signal to bulls are back on D-Street.
On Thursday, the nifty opened at 9384 and followed by positive global cues along with short covering of May F&O expiry in the last session fulled the move to bounce back in the green. Now the nifty has to sustain above the 9430 level to support the Bulls to take the rally ahead.Today, the Market would open positive following the firm global cues.

nifty outlook

On Technical Chart: The nifty made a strong bullish candle on a daily chart and covered almost last five day bearish move.

Today: Major support would be seen at 9450-9380 levels while resistance shifter to higher at 9550-9600 levels.
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