NIFTY TREND TECHNICAL ANALYSIS

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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