First of all I wish " A Very Happy Independence Day' to all the blog readers. May this day remind us all of our duty to the Nation and strengthen our hands to take this Nation and with it the World to greater heights....
Now Nifty made a new high and hit the first resistance of 5380 with a high at 5387.05 and closed the day at 5380.35. For spot nifty closing above the 5380 level is significant with its first close above 5350 after missing it on Monday by a whisker. On charts the Bollinger top band is expanding with lower band remaining flat. Next resistance on spot nifty is 5402 and close above it will strengthen the trend. Now the 52 week high for spot nifty is the high made by it on 22 Feb 2012 at 5629.95. Spot nifty has closed above the 5400 levels for only 9 trading days from 14 Feb 2012 to 24 Feb 2012. Also the swing high before the 52 week high of 5629.95 of 22 Feb 2012 was at 5399.70 on 28 Oct 2011 which must be kept in mind. This makes the 5400 level more significant. Spot nifty has targets of 5476 above the 5402 level with 5439 as intermediate resistance. Stochastics is still in overbougt zone but can remain there till the trend is strong. The support for this trend is now raised to 5366 on spot nifty. Intraday traders can look at the levels on spot nifty to trade on Thursday.
No trade between 5362 and 5399(To avoid whipsaw)
Buy above 5399 sl of 5379
targets 5418-5437(add positions breakout on the upside)-
5456-5475-5494-5513-5532.
Sell below 5362 sl of 5382
targets 5343-5324(add positions breakout on the downside)
5305-5286-5268-5250-5232.
Happy Trading !!!
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