Nifty closed marginally positive at 5366.30, up by 3.35 points or 0.06%, the Indian key indices opened on a strong note amid stability in global markets on hopes of
easing Eurozone credit crisis. Later market erased all gains after the CAG found irregularities in the government's coal allocation and usage. Nifty has formed a high
wave candle with long shadows on both sides near its immediate resistance level 5,380 indicating indecisiveness at higher levels. Nifty has also broken below its
supporting trend line with heavy volumes and decisive closing below 5,350 indicates that Nifty is likely to remain under selling pressure which would lead the index
downwards towards 5300‐5250. On the up side sustain buying above the 5,380 mark will see follow up buying towards 5,420‐5,460.
Trading strategy would be to Sell if market resist at 5,380 and Buy if support at 5,330. First resistance for the Nifty is 5,399 and next resistance 5,427 and first support for the Nifty is 5,339 and next
support at 5,311.
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