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Traders eye a Nifty breakout
The benchmark Nifty swung wildly last week between 15,740 and 16,400, before ending at 16,266. Technical analysts say last week’s trading range will act as good support and resistance and the next big directional move will depend on which side the index breaks out. Ruchit Jain, lead research analyst, 5paisa, says a move above 16,400 could lead to an upmove towards 16,800, while a break below 15,700 would resume the downtrend. A note by ICICIdirect says short covering could take the index towards 16,800-17,000 in the weeks to come.
Aether Industries’ shares trade at 5% in
