MUMBAI: Emkay Global Financial Services has maintained its Nifty target at 5160-5298 on the upside.

“On the daily chart Nifty had closed above 61.80% retracement level of the recent rally from 4904 to 5110, as well as still trading above the near term as well short term trading averages.

Thus after witnessing these observations we still maintain our upside targets of 5160 and above that 5298, and we believe that any downside correction will be good buying opportunity. Downside in short term level of 4900 will play as an important support,” said the report.