Nifty gave a strong bounce yesterday after nearly testing 5225 levels and this was expected. A break of 5300 levels however again did not happen and after yesterday's move, the bulls are regaining strength.
Now that Nifty has established strong support at 5225 and also surpassed the resistance at 5270 levels, there is all the more chance of a break of 5300 levels and also test new year highs.
The volumes are still subdued. A momentum run with increasing volume is still due and is likely to be happen in the near term before markets lose steam.
Resistance levels : 5285, 5310, 5335
Support levels : 5258, 5225, 5201
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