The current rally in the Nifty50 is expected go on with intermediate support around 10,300 levels, say technical analysts. The channel was of the range of 400 points and the breakout was confirmed above 10,400 levels, hence the short-term target comes to 10,800 levels. Nifty has taken off it crucial swing resistance of 10552.4 levels which was acting as a very crucial resistance. However, now since it has been taken off the wave,extension on the way up has begun.We have a target of 26,700 on the Nifty Bank. It is trading well above bullish flag breakout level, so the bulls have an opportunity in the Nifty bank as well.

Source: Economic Times January 08, 2018 02:48 UTC