Nifty

#155 Nifty Update: A day more for bullish Confirmation

Nifty continues with its winning streak. nifty opened marginally weak at 5834 and a made low at 5822. On Saturday I posted to go long at CMP and market gave a best chance for a entry. As last week nifty was trading in downside channel, on friday it breached it and closed above the resistance level to sigh a reversal. Today it gave a bit more confidence to close a way above that channel at 5898 which is a strong resistance level but 5975 is where it could resist. Earning season has started but yet they are not out yet. This could be short covering but it may also be the start of new bull wave. Every dip is the buy for medium term. Support levels of tomorrow are 5852/5824/5790 Resistance levels 5931/5952/5975

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