Today As I continue to believe that 5600 - the upper channel may act as resistance, I do not advise fresh long position at higher levels. Existing long position may be trailed with stop loss of 5475.
Short position may be taken below 5500 with stop loss of 5555. On the down side it will find support at 5455 and 5420. Though I feel that market may come down to correct, particularly as World markets are trading weak, please do not sell unless the levels given here are broken on the downside, as Nifty Future may continue to hold in view of the F&o settlement on Thursday. Moreover, we have yet to find support from Reliance which has been under performing the Nifty Future.
All the Best.
All the Best.
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