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Nifty opened positive on Wednesday, but could not sustain at higher levels and saw a decline due to profit booking towards the 13,850 level in the initial hour of trade. However, the bulls managed to rebound well from the support zones and the index witnessed a strong momentum in the last hour to hit a new lifetime high of 13,997.
Nifty continued its winning streak for the sixth session in a row and remained only three points away from the psychologically important 14,000 mark. It formed a Doji candle on the daily scale with a long lower shadow, which indicated that every small decline is being bought into. The index is making higher lows for last six sessions and supports are gradually shifting higher. Now, the index has to hold above 13,850 level to witness a fresh rally towards 14,200 and then 14,500 levels, while major supports on the downside exist at 13,777 and 13,700 levels.
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