Support at 5970 crucial for Nifty - Aditya Birla Money Limited

Nifty opened with a downside gap testing the advocated support at 5880; however was able to hold above the same rt and thus witnessed an up move towards 6015 levels.

For the day support at 5970 is crucial; as long as it holds the index could continue its up move and test 6030 - 6050 zone.

While if the support at 5970 is breached, the index could correct lower towards 5940-5920 zone.

Daily momentum is rising and is now in sync with the rising weekly momentum. Convergence of momentum on two timeframes is sign of strength and is thus likely to underpin prices.

Support at 5970 zone crucial; holding the same the index could witness an up move towards 6030-6050 where as a breach below would lead to fall towards 5940-5920 levels.

Source : Equity Bulls

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