Support level rises to 5,500

The Nifty moved higher along expected lines, on the back of positive global cues after better-than-expected US August jobs data and short-covering in index and key stocks futures. The strong buying and short-covering in laggard Reliance Industries (RIL) also lifted market sentiment. However, the Nifty could not reach the 5,600 target on account of profit-booking at higher levels.

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