Positive global cues and better than expected results from index heavy weights helped Indian indices extend their bullish run for the fourth straight session on Wednesday. Nifty future contract expiring on 29th August 2013 closed at 5748.30, up by 0.65% or, 36.95pts with a premium of 6.00pts and open interest increased by 8.12%. Nifty made big bullish candle with small lower wick and healthy volumes showing a decisive upside momentum, and opening up the possibility of reaching the levels of 5790-5800 its 50 DMA. Market closed almost at highest level of the day, which is a bullish sign and can have positive impact on the upside momentum for the short term. Bias will remain positive till Nifty is moving in classic bullish formation. Further, strength above day high (5759) would provide impetus to the bulls. On the lower side the levels of 5640-5630 which is also its 5 DMA would provide some support and below the same next support is at 5470.
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