Nifty was pretty sticky around yesterdays close during few hours of trading today. As i had mentioned on our twitter today morning 5842 was strong support and we did got a chance to go long at the same level. We did recommend to go long yesterday at our blog and we hope your are holding your long positions!!! Anyways fundamental today late night FOMC would announce the decision on Tapering which could affect the opening tomorrow. Coming to technicals, nifty is still showing bullish biasness. Nifty taking strong closing support at 5 EMA which is now at 5842. Looking at elliot waves we expect a move of around 200 points from here but anything is possible so fingers crossed.
Strategy: HOLD longs recommend yesterday. We would recommend to average your longs are 5842 and 5791 with SL of 5741 (Closing basis_ .Tgt is 6100 but 5983 is also imp resistance.