Now we could see some more upside between 5,120-5,200 in Nifty… Strong support is at 5,000. The market unfolded as expected and has closed right on our resistance of 5,120...,``
``Technically, the market still looks up and our resistance of 5,200 is still valid and support at 5,085. The support for the Nifty is at 5,085 and resistance at 5,200,`` he added.
The indices have closed at the upper end of the intraday range as the bulls were able to offer support at lower levels during the session. The intraday range specified for the Nifty between the 5150 / 5000 held as the Nifty retraced from the 5154 levels, thereby validating our intraday counts. The coming session is likely to witness resistance at the 5175 levels on advances. Support is likely at the 5075 levels. The bullish pivot for the session is likely at the 5125 levels above which the Nifty must stay throughout the session. The bearish pivot is at the 5100 levels below which declines may occur. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a smaller bodied bullish candle with a sizable upper shadow - indicating some selling pressure at higher levels. As the Nifty nears the 5200 levels, we anticipate short term profit taking pressure to accelerate. Staying above the 5125 level with higher volumes and open interest will see the bulls extending their intraday domination over the bears. The Nifty sustaining below the 5100 levels may trigger a fresh bout of declines.
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