Nirmal Bang has come out with a pre-market research report. The firm says, one has to be cautious at higher levels.
The report says, "The Nifty did manage to touch 5,150 level during intraday but failed to sustain this level as fresh buying was not seen. The trend continues to remain positive but one has to be cautious at higher levels. Nifty continues to close above its 5, 20 & 50 day moving average of 5116, 4951 and 5020 respectively which shows that positive trend in the market is intact. This positive trend can be reversed only if Nifty slips below 5,100 levels until that every dip in the market can be taken as a good buying opportunity. For today, support for Nifty is seen at 5100-5080 and resistance is seen at 5,180- 5,220."
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