Nifty achieved a bullish breakout after the level of 7970 was taken out. The bears have received a sound thrashing and the advantage has shifted to the Bulls. The immediate resistance for the Nifty is 8180 and once that level is overcome the market can head toward the higher levels of 8300-8400 zone where we can expect some profit taking. The market has been taking bad news in its stride (especially PSU Bank results) which suggest a bullish swing is in progess. Support is provided by the rising trendline. Chart is posted for educational purposes and not a recommendation to buy or sell.
|NIFTY BREAKS THROUGH RESISTANCE|