Resistance @ 5220

The Nifty has closed in the positive today and is now
expected to trade higher till the 5330 mark in the
immediate run. A key support in the immediate run is
around 5233 and resistance will be faced at 5330.
The Nifty ended in the positive with a gain of 116 points
while the Sensex added 345 points in today’s trading.
Of the 30 stocks of the Sensex, Hindalco and Mahindra
& Mahindra are expected to move up further going
forward.
The Nifty had been trading in the range of 5300 and
5130 forming a falling wedge pattern, which has now
broken out on the upside. The Nifty is now expected to
trade positive till 5385 in the short term, which is the
upper end of the falling trend line on the daily chart.
On the daily chart the Nifty has again taken support
around the 200 day moving average (DMA) ie 5150,
which will act as a very crucial support going forward.
The Nifty is now expected to move up till 5385 levels
with support around 5135. But if the Nifty sustains
itself below the 200 DMA and 5135 levels, then the
negative alternates will open up.
On the daily chart the Nifty is trading around its 20
DMA and 40 DMA ie 5292 and 5269 respectively. On the
daily chart the momentum indicator has given a
negative crossover and is trading below the zero line.
On the hourly chart, the Nifty is trading above its 20
hour moving average (HMA) and 40 HMA ie 5212 and
5233 respectively, which are its crucial levels in the
immediate run. The hourly momentum indicators have
given a positive crossover and are trading above the
zero line. The market breadth was positive with 1143
advances to 366 declines on the NSE.