As you can notice in the chart, NIFTY has been trading in the steep upside channel. In my lost post i did initiate the Long call on the NIFTY near to 5330. My call is active but it has got lil bitter today. NIFTY closed at 5362 below the important resistance level but it has just managed to close above the supporting channel line. Technically speaking indicators are flat which indicates a consolidation phase ahead of a strong rally on either side. We could be more bias on positive side for long run has monthly chart has give a good breakout above 5280…So tomorrows closing will be important to decide the short term run ahead as long term we are positive if the august close is above 5280. We cannot decide until the august close that we have got a long or short call on nifty. Checking out daily chart keep three things in Mind 1) Tomorrow close above 5380 will keep my long call active on NIFTY if Not 2)Close below 5380 means strong support at 5342 and 5328. Keep a stop loss to my initiated long call at 5308..Risk takers can keep a stop loss at 5270.

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