The index rose to its a fresh 52-week high at 8,640, which marked a breakout from its consolidation phase of last two weeks.The index finally closed 94.45 points, or 1.11 per cent, higher at 8,635. NEW DELHI: Finally, a breakout!The Nifty50 rallied nearly 100 points on Monday to close above its crucial resistance level of 8,600 for the first time since July 22, 2015. It hit a low of 8,517 and a 52-week high of 8,641 on Monday.The Nifty50 has been moving between 8,475 to 8,595 levels over the past nine sessions and this range breakout has opened scope for a potential upward move towards 8,700 level. "It has to continue to hold above 8,580-8,595 zone to witness an upward move towards the 8,700 level while on the downside, multiple supports exist at 8,510 and then 8,475 mark," he said. "It has formed a strong bullish candle on the daily charts and now a followup action may trigger a fresh leg of rally in the index in the coming sessions," Chandan Taparia , Derivatives Analyst - Equity Research, Anand Rathi Financial Services , told ETMarkets.com.

Source: Economic Times July 25, 2016 10:41 UTC