Nifty, after briefly coming below 5350, closed just above 5350. Indicating its uptrend is not over yet. How ever a sustained close above 5385 is required for Nifty to test higher levels, sustained failure near 5385 may result in bigger corrections on Nifty.
Considering Dowjones is trading near its previous highs and Nifty is trading around 16% below its November 2010 high, any support from global markets may result in Nifty testing its highs around 6300. At the same time failure of global markets at their highs may result in Nifty testing its deeper support levels around 4770.
Until clear trend emerges, traders shall consider each day at a time and take trading decisions accordingly. As far as intraday technicals is concerned for 28th August, below 5385 it is sell on rallies. Nifty resistances for today are placed at 5355, 5385, 5400 and 5420. Supports are placed at 5350, 5300. Final support for the current up trend is at 5180
Considering Dowjones is trading near its previous highs and Nifty is trading around 16% below its November 2010 high, any support from global markets may result in Nifty testing its highs around 6300. At the same time failure of global markets at their highs may result in Nifty testing its deeper support levels around 4770.
Until clear trend emerges, traders shall consider each day at a time and take trading decisions accordingly. As far as intraday technicals is concerned for 28th August, below 5385 it is sell on rallies. Nifty resistances for today are placed at 5355, 5385, 5400 and 5420. Supports are placed at 5350, 5300. Final support for the current up trend is at 5180
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