On Thursday, as expected market opened gap-up above 5500, but
could not sustain. During the whole session nifty consolidated well
between the range 5480-5500 with good volumes on higher side and
manage to close above 5470, overall it was a positive sign for market.
For the day, the level of 5470 and 5435 may act as a major support
for the market and the level of 5505/5525 may act as a major hurdle.
Short term traders can hold long position in nifty with revised
stop loss of 5470 on closing basis for remaining target of 5545.
It is advisable for short seller to cover back position on sustain above
5560 level as it would bring in fresh short covering.
The medium term trend will turn positive above the level of 5560.
Day trader can go long on nifty above 5505 with stop loss 5470 for
target 5525/5555
INDEX RANGE
NIFTY: 5486.15
Range: 5435-5525
Resistance: 5505-5525-5560
Support: 5470-5435-5420
BANK NIFTY: 10980.60
Range: 10840-11120
Resistance: 11008-11060-11120
Support: 10950-10890-10840
Short term trend: Up
Medium term trend: Down
Long term trend: Up
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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