Nifty Watch:- The Nifty opened at 5478 with a gap of 51 points. The Index remained choppy for whole day. It touched its day high at 5519. After that it made a low at 5427 with a decrease of 92 points to its day high and finally closed at 5475, almost at yesterday's close. Overall it’s a choppy market today. Nifty made an inside day pattern today. The Inside day suggests indecision in the market. After such periods of indecision, a big move usually comes about. If the nifty moves above 5520 then it can see an up move, while a move below 5410 should see the beginning of a
downtrend. Traders should watch for these levels to break. Between 5410 and 5520, the market is likely to remain choppy and almost untradeable.
Trend:- The short term trend remains up. The Intermediate trend remains down, with the Nifty trading below its 200 days and 50 days moving average but both are coming closer.
TA Insync(55-5) is now above the level of -45 and still moving up. This indicator is suggesting upside momentum.
Level:- Looking for support at 5400, then 5350. Major resistance comes at 5550.
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