Nifty weekly supports are 5223, 5203, 5182
Nifty weekly chart is still holding itself above its previous weekly closing 5201.
Nifty weekly 5 EMA (high low) support appears at 5223
5200 and 5182 may be strong support for Nifty on weekly closing basis.
Nifty weekly breakout of trend line has occurred at 5203.77 showing bullishness of the chart with having the support at 5203.
Selling pressure may appear below 5180.
Daily view
Nifty daily 5 EMA (high low) support appears at 5223
Nifty has broken its 5 DMA 5260 and 13 DMA appears at 5162.
Nifty closes below its Pivot point 5250 but staying above its weekly pivot point 5194.
Nifty daily resistance appears at 5300. After opening, Nifty has to stay above 5052 to hit the level 5300 after breaking 5268.
After opening, If Nifty stays below 5241 then it may hit 5223 and next support appears at 5210.
General Analysis
Nifty future 15 min chart has formed bullish bat pattern.
Price ADX Indicator, 5EMA (High Low) Indicator have given buy signal at Nifty future 15 min chart.
Other Indicators are still holding its sell signal.
My view
If Nifty is unable to break 5223 and 5274 levels then most probably it will be range bound from 5233 to 5265. If Nifty becomes range bound then it will be better to trade at stock front.
DLF CMP 389.9 buy above 385 SL 377
TATA STEEL CMP 648.45 Sell below 651 SL 669
SATYAM COMPUTER CMP 112.85 Buy above 113.5 SL 110
EDUCOMP 773 Sell below 765 SL 773
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Best of luck.
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