The Nifty bounced off support and appears to have turned bullish again. Support held at the key zone between 5,940-5,965 and the index closed at its highest level in 52-weeks yesterday. The next test would be resistance at 6,040-6,050, and if the market is indeed bullish, it should hit new highs within the next four sessions.
The recovery in the short-term trend should reinforce a bullish intermediate and long-term trend. A breakout beyond 6,045 could mean a target of 6,150 within three to five sessions after it occurs. The intermediate pattern suggests a target of 6,200 may be reached within settlement.
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