The Nifty is likely to trade in the range of 5,390-5,470. The trading strategy would be to create short positions if the Nifty resists below 5,465 levels for targets of 5,450 and 5,422. On the other hand, one can also create long positions if the Nifty takes support at around 5,400 levels.
On account of lower-than-expected Infosys results, the Nifty opened negative. However, late noon buying in other heavyweights took the Nifty above 5,400.
On the daily chart we are observing that after six days of a rally, markets are witnessing a consolidation of gains. The intermediate trend remains positive and we are of the opinion that even if indices trade below 17,897 / 5,371 level, markets may find support at 17,871-17,780 / 5,360-5,340 levels for tomorrows trading session. On the flip side 18,170 / 5,454 level may act as the resistance for the day
On account of lower-than-expected Infosys results, the Nifty opened negative. However, late noon buying in other heavyweights took the Nifty above 5,400.
On the daily chart we are observing that after six days of a rally, markets are witnessing a consolidation of gains. The intermediate trend remains positive and we are of the opinion that even if indices trade below 17,897 / 5,371 level, markets may find support at 17,871-17,780 / 5,360-5,340 levels for tomorrows trading session. On the flip side 18,170 / 5,454 level may act as the resistance for the day
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