Nifty has broken the channel on upside giving strong rally and close after gap up opening and today the gap filling process was completed now the next resistance is 5400 which is very near if closes above on daily as well as weekly nifty shall rally to 5582 – 5793 levels. Nifty has made head and shoulder pattern which gives higher targets. It seems it is consolidating on the upward channel.
Nifty had completed to fill day before yesterdays gap
FII net buyer in cash segment while DII net seller
While CE 5300 – 5400 most active while PE 5300 – 5200
Nifty has made higher low at 5296 while lower high at 5358.9 while the high made till day is 5376.40 in nifty futures so now it will be clue to buy above todays high using low as stoploss or wait to clear the resistance of 5400
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For tomorrow nifty shall remain bullish until it is above 5316 with upward targets of 5343 – 5361 – 5389 with stoploss of 5305 below which nifty shall become weak with downward targets of 5277 – 5260 – 5232
Positional shorts below 5110 only until then try to buy near stop loss or play intraday levels. Nifty swing shall change if close below 4960 WHICH IS MARKED BY PINK LINE for two days till then swing is Up
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