Currently, post the tax reforms and renewed buying interest from FII and DII have lifted the sentiments heavily and this should help the index in closing the bearish gap.
The Nifty has broken above the falling trend line, which is formed connecting its highs of 12,103, 11,981 and 11,695.
Breakout of this nature is grossly positive for the market and should take it higher to levels of 11,800, 12,000. Seeing the recent run-up, the probability of a new high is also huge.
Our strategy should be very clear, which is to buy on dips. Supports or levels where Nifty should be bought are 11,400 and 11,200.
FOR MORE INFORMATION: RESEARCH_PANEL_INVESTMENT_ADVISER
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