TECHNICAL ANALYSIS

Indian indices closed higher at 5336.70, up by 54.15 points or 1.03%. Nifty extended its buying spree for second consecutive session in a row, and never looked out of breathe in whole trading session on continued hopes over Chidambaram’s statements about addressing the widening fiscal deficit and tax concerns of overseas investors.
Nifty has formed a big Bull candle with little shadow on both sides and with a new high, confirming higher top bottom formation and subsequently holding of opening gap is a bullish indication and Nifty is expected to move up further to form a new higher top in ensuing days . If the index man-ages to cross and sustain above the 5,350-5,360 level it is likely to witness a buying rally which might drive it on the way to 5,390-5,400 level. On the downside, Nifty has good support at 5,300 followed by 5,250 levels .Trading strategy would be to Sell if market resist at 5,370 and Buy if sup-port at 5,310.
First resistance for the Nifty is 5,364 and next resistance 5,391 and first support for the Nifty is 5,296 and next support at 5,255.

BUY SELL SIGNALS INTRADAY TRADING SYSTEMS

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