The market opened higher and sustained well above the level of 5000 in the second half of the trading session that
lifted the nifty to 5035 towards the end.
The broader market also recovered very well above their previous hurdles this may lead to fresh buying at major
support levels. The medium term trend of the market entered into positive mode above 4950 that has established the
new series of "Rising Top and Rising Bottom."
For the day, we may expect the rally to continue up to 5060/70 (16970) levels. However, around these levels long
traders should be cautious as it may act as a profit taking level for the day.
In case the market fails to trade above 5035/16810, then we may expect early pull back to the current up move may be
up to 4990/4980 (16660). We feel sideline traders may create fresh long positions around the same.
Nifty Strategy: Buy Nifty around 4985 with a tight stop loss below 4950; the target should be again 5035 and 5070.
Sell Nifty between 5065 and 5075 for the target 5020 and 4980 with a final stop loss at 5105.
