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
Nifty looks weak on hourly charts and has room for further downside if globle cues are weak nifty can correct till 5250 – 5210 levels also tomorrow being weekly closing and nifty is still holding 5300 also to remain in weekly uptrend nifty has to give close above 5265 levels atleast nifty could correct till lower channel where buying should imerge to get higher profits which is buying at low and selling at high
For tomorrow nifty shall remain bullish until it is above 5324 with upward targets of 5363 – 5387 – 5427 with stoploss of 5308 below which nifty shall become weak with downward targets of 5269 – 5245 – 5205
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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