Nifty gave a expected upmove yesterday as per hourly charts.5440 was a level of Support and we saw an expected upmove inspite of weak global cues.
Trade on System not on your emotion/Intutuion
Now For today Arrow Marks in Red should be intital point of Resistance @5521 move above that should take us back 5550 levels.
Till now we are in Trading range of 5440-5570 and still in sideways mode ,Trade with less volumes.
Line of Resistance @5605-5610
Nifty Daily broke the trendline Support in morning hours due to bad global cues but quickly recovered. Bullish wedge Formation is seen on Nifty daily which can take us back to top end of trading range@5570
Levels to Watch
Buy above 5507 Tgt 5521,5531,5545 and 5570
Sell below 5472 Tgt 5547,5436 and 5412
Level Mentioned are Spot Levels.
Break of 501 will give mometum on upside as we can see volume expansion also.
Momentum oscillators are in Buy mode confirming our views.
Buy above 501 Tgt 506,510515