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Nifty Continues Upward Move, Major Hurdles Ahead

| 5/2/2013 9:00 PM Thursday

The NSE Nifty has moved along expected lines. After registering a low of around 5500, it has continued to make gradual progress and finally consolidated around the 5820-5900 levels. Before registering a low, the index went into a short-term downtrend from the 5970 level, and a couple of times it witnessed some sell-off from here. This level is expected to be a major hurdle for the Nifty again. If it crosses these levels with good volumes and breaks this consolidation phase, it may come into a bullish zone again. If the index does not sustain this level, trades will remain range-bound. In this case, it will have crucial support around the 5790-5740 levels. At the current level, the outlook on the weekly chart remains positive as seen in the rising up trendline.

After a strong rally in the leading indices, the broader market indices like Mid-Caps and the Small-Caps are set for a smart recovery. Banks and Consumer Durables are leading the market uptrend and the indices seem set for an upward breakout. Capital Goods, Oil & Gas and Realty continue to maintain their positive trend. IT and TECk remain in a consolidation phase and are struggling for breakouts. Metals are still moving sideways. Healthcare and FMGC are struggling to make progress, but are expected to enter a positive phase.

In the preceding week, the Nifty managed to close above its 55-day EMA at 5765. Now, it is facing a solid hurdle at the 5970-6000 level. If the index manages to break this level and continues to close above it, one can expect a pullback around the 6140-6200 levels.

 

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