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NIFTY SHOW- BOUNCE SUSTAINED

Nifty ended in positive scoring 50 points on the scoreboard,the market breadth was strongly positive with 953 advances to 513 declines.The market witnessed gap up opening ,and following the day later breached 5250 levels and sustained above it.This movement of the markets have provide a mild strength to the bulls to move ahead.The February IIP numbers grew by 4.1% which was lower than the expected,still markets were able to sustain the levels.
                          The nifty will face an intraday resistance around 5340 zone,as the levels fall into the upper premise of the wedge.Going further it is likely to halt around 5370 zone ,which holds the 23.60% retracement level.The markets are around the 20 and 40 DMA levels.The oscillator stochastic s has given positive crossover on daily charts ,the MACD is below the zero line but its still afloat an  uptrend line capping downside sentiments.The momentum indicator RSI looks geared up the breach the 50 levels.
                                           We need to watch further that will the strength in markets be sustained or will it face resistance and revert back to take support.

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