Trends

Long term and intermediate term trends are up and short term trend is down. Intermediate term will convert downward after Nifty sustaining below 5187. Correction started after Rising wedge(reversal pattern) formation and Nifty got very short term support between 5161-5195 on 19-04-2010. Good selling at higher levels therefore short term trend is down and after yesterday intrady charts selling formations Nifty will again retest 5187 in the coming sessions. Immediate resistance range is 5250-5275 and Nifty is not going to cross it easily. Comlete consolidation requires to cross 5275 and this process has not started yet.

Nifty will not cross mentioned resistance range(5250-5275) and will move below 5200 to test 5187 in the coming sessions. Although not confirm but my assessment telling that Nifty will break down 5187 and next target will be 5125. Support range of 5050-5120 is strong and complete selling patterns are required to break it down.

Opening will depend on global cues today and closing will be in Red today after firstly trading within 5210-5255.