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Thursday, December 26, 2024 | 06:38 PM ISTEN Hindi

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Breakout above 9,150 could push Nifty to 9,300

The Nifty Bank has also hit all-time highs and the index is trending at about 21,100 now

markets, sensex, nifty
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<b> Photo: Shutterstock </b>

Devangshu Datta
The Nifty jumped to an all-time high in response to the assembly election results. It opened at 9,122, which was just a sliver above the previous record of 9,120. Profit booking pulled the index back a trifle but it closed near 9,100. The primary resistance would be at 9,120-9,150, while the primary support on further profit-booking would be about 8,970-9,100 where the previous highs were held. 

If the uptrend persists, it should set up short-term targets in the 9,300 zone. Obviously every trend following system recommends staying long. In technical terms, all trends (short/ medium-term and long-term) are strongly bullish

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