Nifty opened at 7529 well above it’s support of 7507 and resistances of 7612 and 7625 . It momentarily dropped to register a day low of 7618.15 and then rebounded to hit the day’s high at 7649.50. The day has been closed out at 7634.70 which is now above the ital resistances of 7625-7612. We had mentioned yesterday that “This close gives the feeling that we might again see a gap open tomorrow.”. Our stance was validated by the markets today. Nifty is now in a weekly break-out range and the weekly resistances are placed at 7666-7675-7683.15-7700-7735. The charts are suggestive of an upmove which may culminate at 7748-7819.
Going forward the band of 7625-7612-7570-7551-7507-7482-7464-7442-7394 is a good cluster of supports”.
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