Nifty spot update for 05-01-2010

Tomorrow Nifty may start with a big positive opening but we need to watch 5250 level. If Nifty comes below and sustains below 5250 then this level may act as a strong resistance for Nifty. First resistance will appear at 5265-5270 and above these levels it may touch 5285.
At the lower side, it may get the first support at 5225 and then 5212.
Indicators are showing some pullback may occur in Nifty 15min chart after opening but it has to stay above 5222 on closing basis to keep its momentum. Nifty may get strong resistance at 5270 level.
As per today’s activity of the market, market may take pause or become choppy before breaking 5300 levels. It may take two to three trading sessions.
Always remember Nifty has to close above 5222 otherwise we/traders will think differently.

Best of luck.