Markets opened on a positive note in the wake of strong global cues and the strength was visible throughout the
day which led the indices to close near day’s high. Further, indices closing above the 20 days SMA and the RSI
value approaching 50 levels suggest further upside. On the upside, if indices trade convincingly above 16560 /
4950 levels then it is likely to test 16700 / 5013 levels. On the down side 16230 / 4850 levels may act support for
the day. Traders are advised to adopt stock specific strategy with strict stop loss.
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