Nifty confirms breakout - Motilal Oswal

Nifty has confirmed a breakout from the short term consolidation and is heading higher toward the next target level of 6180. Immediate support for the index is placed at 5935.

PSU banking index has confirmed a breakout from a declining trend and is expected to witness further advances. A spread model within banking also confirms that the spread of performance between Private & PSU's can narrow, leading to outperformance from PSU's.

USDINR was consolidating in a symmetrical triangle which has confirmed a breakdown from the pattern and is expected to move towards the expected target of 52.50. This development is positive indication for Nifty and sustenance below 54.50 can keep sentiments favorable for long trades.

Source : Equity Bulls

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