trends

Long term and intermediate term trends are up and short term is sideways. Good support near 5200 and strong resistance just below 5400 and nifty is exactly in the middle at 5304.10. Following facrors are clearly showing uptrend:-

1-Both long term trends are up.
2- Fresh rally started after completion of correction.
3- Very short term indicators recovered from oversold regions.
4- Previous weekly closing was positive.
5- Weekly indicators are positive.

Bullishness visible all round therefore sentiment heated today morning and fresh consolidations also required for any upmove because resistances at higher levels. Many times profit booking also develops in such type of sentiments therefore fresh buying should be done after completion of intraday corrections.

Next resistance range is 5340-5387 therefore expected that Nifty will trade first near lower levels of this range after gap up opening today. Immediate support range is 5280-5300 and this range may be tested in situation of profit booking.

Green opening and alomost whole time positive zone trading is confirm. As fresh consolidation requires for next upmove therefore today closing can not be guaranteed because market turns volatile sometimes in heated sentiments like today.