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Nifty new high on cards
The benchmark Nifty snapped its four-week gaining streak last week ending at 18,308. Technical analysts say the index has a strong chance of surpassing its previous all-time high so long as it trades above its key support level of 18,050. “The momentum readings are still in buy mode and have not given any negative crossover since the past few weeks.
If we look at the derivatives data, the long positions in the index are still intact. Foreign portfolio investors, too, have a majority of their positions on the long side in the index futures segment,” says Ruchit
