Nifty marks a fresh all-time high of 11565 as positive cues from Global as well as domestic front triggers fresh buying. Nifty closed the day on a strong positive note as it ended a tad below the high at 11551.75. Bank Nifty lagged as it wasn’t able to breach its previous swing high at 28380. The day was green on the back of large caps which carried the momentum such as #Reliance, L&T, #HDFC Twins, Tata motors followed by SBI.
Technically we have seen a momentum that is just beginning for next round of bullish rally. The recent consolidation in the range of 11350 – 11500 has led bulls to put in further smart money as weak money get out. This momentum as we previously mentioned is now seen to be stretched to 11600 – 11650. Since the earlier base was 11350, it is now shifted to 11500 – 11480 technically for this upward bounce. Any dips to these levels of support shall be played out in favor of bulls.
#Derivatives data also suggest writing activity at 11400 – 11500 PE adding short built up while long built up to continue to increase with fresh positions for upsides at 11600 – 11700.
We suggest buying on dips and maintain the higher target for Nifty.
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