The Nifty opened on Monday in line with positive global cues, and has returned to its record high after seeing some strength from the last four sessions. It went into the 100-point range and led the positive momentum in heavyweight stocks.
The index settled the day with a gain of about 150 points. It created a small-sized bullish candle on a daily scale and has been building higher and higher levels for the past three seasons.
Now, it is above the 15,200 level to continue the upward momentum towards the 15,500 level, while the major support on the downside can be seen around the 15,100 and 15,000 levels.
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The bank opened with a nifty lead and climbed over 1,000 points. Banking stocks fueled the rate-sensitive index to reach 37,400 points and finally ended the day with a gain of nearly 1200 points. This constituted a strong bullish candle on a daily scale and has remained high and high for the past two sessions. Now it will have to go above the 37,000 level to move towards the 38,000 level, while negative support can be seen at 36,500 and 36,000 levels.