Nifty update for 07-01-2010

Now it is very difficult to predict the market because Nifty has been range bound between very narrow band. It is very difficult to trade in such a narrow band.
Now it is best trading strategy is to set buy sell order at 5294 and 5263 respectively.
To break the barrier Nifty has to sustain above 5286 and below 5277 after opening.
First resistance appears at 5308 and second resistance appears at 5334
First support appears at 5256 and second support appears at 5232
5300 and 5214 appear to be strong Resistance and Support of Nifty.
As per today’s market movement, fresh long accumulation has been witnessed at lower levels. Positive bias for Nifty will continue till Nifty is able to hold itself above 5250.

Stock Front :
L&T CMP 1675.85 Buy above 1672 SL 1660 Target 1697 and Sell below 1660 SL 1672 Target 1637.