Indian indices closed higher at
5282.5, up by 66.85 points or 1.28%. Today's gains were largely in reaction to
the better than expected payrolls data in the US, appreciation in rupee against
dollar after Finance Minister said that the government would unveil policies to
attract investments in mu-tual funds.
Nifty has finally witnessed
sharp upside breakout from the strong primary resistance of around 5,250 and
closed above that level. Nifty opened today with gap up of around 40 points and
continued its northward journey throughout the session and tested its next
resistance of 5,300, as we emphasized earlier that above 5,250 market can test
5,300. Nifty has formed a Bull candle with no lower shadow that indicate buying
support at lower levels, and at the same time market also create upper shadow
suggest that traders cautiously booking profit near immediate resistance level
of 5,300. The index also made a new higher top higher bottom formation which
reflects positive bias, and above 5,300 market can face resistance at around
5,345-5,350.Trading strategy would be to Sell if market resist at 5,320 and Buy
if support at 5,260.
First resistance for the Nifty
is 5,297 and next resistance 5,311 and first support for the Nifty is 5,265 and
next support at 5,247.TECHNO TRADES TRADING SYSTEMS
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