NIFTY

Yesterday Nifty was closed positive & traded in the range between 49 points. The high of 5311 acts as a important resistance.

We have witnessed couple of northern doji’s & spinning top in last few trading days. The doji’s point out short term trend going to reverse, but the spinning top indicates tug of war between bulls and bears. Yesterday candles shadows are equal to pressure in bull & bears side.
We expect market to test the 38.2% retracement level placed at 5167 for the rise from 4944 to 5311 range. Momentum towards the sell side is in progress unless the rose above 5311.
Spinning top’s in the resistance area says that prevailing up trend going to be end. In other words buying pressure got jammed. So we can take sell opportunity with risk of 61 points before the confirmation.

If the market open’s in the range between 5249 - 5288 then traders can sell at CMP with a stop loss of 5311.
Traders don’t want to take risk can wait for rose above 5311 go long with low of the day stop loss or 5227.

Once the nifty closes above 5311 It will be in the hands of bull.