Nifty finally managed to open across the strong barrier of 5140 and came very near to touching our next level of resistance at 5215. The fact that the intraday blimp could not break 5140 now confirms the strength of 5140 as a short term support range. Trend both for Short Term and Medium Term looks mildly Bullish and any pullbacks can be bought with a stop loss below the 5140 range. If Nifty manages to cross 5215, next resistance shall occur at 5285 and then at 5335. Supports are at 5140 and 5090.
US Markets had yet another negative day after being in the green for most parts. Since we tag along US and in the short term have a high degree of co-relation with the US markets, its better to trade with one eye on India and one eye on the Dow futures.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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