Nifty opened with a positive note and thereafter accelerated up towards highs of 5586. Nifty closed the session at 5577 near its weekly high with gain of 235 over previous week.
Nifty after sharp rally from the bottom of 5034 consolidated near gap area of 5220-5260 levels for over a session and thereafter accelerated-up to cross psychological 5500 mark.
Daily candlestick represents a strong bullish pattern. Momentum oscillators are trading in the positive territory on daily and weekly charts. This is technically a healthy sign for long-term up move.
Going forward, we continue with the positive bias. Nifty over and above 5480/5500 should head towards 5680-5750 levels in short-term to mid-term.
While on the lower end 5480 & 5400 should act as a decent supports and any dip to those levels in future can be looked for re-entry.