Markets 2day

I had told about the upward break out possibility of last 6 days range and it was seen yesterday when Nifty crossed range by force. Nifty crossed 5200 yesterday and will test last strong resistance range(5250-5290) of march 2009 rally in the coming sessions. As this range is strong resistance therefore narrow range trading will be seen within it for some days. Indicators are in overbought zone therefore short term correction may be seen within this range. 5100 is now strong support and March 2009 rally is very much safe above it.

Sentiment heated after yesterday sharp rally therefore voltality is possible today and buying should be done after completion of intraday corrections and buying immediately after opening will be little risky. As last resistance range is strong therefore Nifty will take some sessions within it for consolidations to cross 5290.

No selling signal at this moment therefore only very short term shorting trades with small targets are possible in heated sentiments like today. May go long after completion of intraday corrections.


Gap up opening and most of the time positive zone trading above 5200 will be seen and today expected trading range is between 5195-5250.