Nifty closes above 200-Day Moving Average
Like the BSE sensex, the 50-share Nifty ended at 3,484 points up 3% on Wednesday, closing above its crucial 200-Day Moving Average.
``The daily chart of Nifty is showing that it has been moving in the narrow range of 5,350 and 5,130 since last twelve trading sessions. Now, we expect this range bound movement would continue for another few days. If Nifty is able to maintain above 5,350, an upward rally might carry it to 5,510 and then 5,630. However, a breach of 5,130 is likely to take Nifty lower to 5,050 in the extreme short term. We recommend holding long positions with a stop loss of 5,130. On an intra-day basis, Nifty has a support at 5,300 and is likely to face a stiff resistance near 5,350. If Nifty breaks 5300, it may further go down to 5,260 and then 5,220. However, if it is able to sustain above 5350, the level of 5,380-5,410 would become the next target.``